Just Sold In Foothill Ranch - 7 Morella
Here are some of the benefits realized by my clients (the sellers) on this HAFA Short Sale transaction:
1. The lender could not require a cash contribution or promissory note from the sellers.
2. The lender approved the list price even before listing the house.
3. The lender forfeited the ability to pursue a deficiency judgment against the seller. This is the greatest benefit for homeowners who are doing short sale under this program, so after the sale, they don’t have to worry about any deficiency judgment after selling the house.
4. The lender paid the allowable closing costs for the seller to close the transaction.
5. The lender may pay the subordinate liens not more than 6% of the unpaid principle balance of their loan to release the lien and full release of borrower liability (No more fear of deficiency judgment from the second lien holder either!)
6. My clients received $3,000 as relocation expenses at close of escrow.
7.The lender paid the commissions; so no out of pocket expenses from the seller.
Short sale is a complex transaction involving coordination and cooperation amongst all parties involved in this transaction. Work with an experienced short sale real estate agent (LIKE ME!) that has experience in closing short sale.