Updated: Nov 14, 2020
To begin a short sale with a HAFA loan you will need to do the following:
The property must be listed with a licensed real estate professional who regularly does business in the community where the property is located.
Enter a list price approved by the servicer or acceptable sales proceeds will be stated in Short Sale Notice to the borrower/seller.
The property must be listed for not less than 120 days and may be extended for up to a total term of 12 months.
The seller is responsible for property maintenance and repair. The servicer will not repair or replace anything so the home should be sold as-is.
The servicer may have a re-evaluation of value and reconcile any discrepancies between your value (the listing agent's market value) and their value. Their value will trump your value.
The servicer will notify you in writing and confirm the new list price or acceptable proceeds based on the new value and you will proceed with the sale at the price the servicer proposed.
Call me if you have any questions or thinking of proceeding with a short sale. My cell is 703-999-6104.