Understanding HAFA when you are doing a short sale

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There has been a lot of issues in the past few weeks with Bank of
America and Wells Fargo with regards to complying with HAFA. I have
had to actually start over a short sale that was in process on a
Bradenton home that Wells Fargo states has to be canceled and then
resubmitted in order to be considered.

In particular, I want to make sure that homeowners realize that you
have to contact your lender BEFORE submitting a contract to purchase
your home. Please make sure to contact your lender prior to having
your Real Estate agent submitting any purchase contract for the sale.

This is a dramatic change from how things were done prior to HAFA
being actually implemented by the major lenders. In the old days
before HAFA most often my customers were told to not submit anything
until there is a valid, executed contract to purchase the seller's
home.

In one instance with Wells Fargo, my seller was actually told they had
to cancel the purchase contract on their home, and withdraw the
listing in order to "start over" and apply for HAFA. In that
instance, I received two offers for the home with 24 hours of the home
being active. They had already been in very frequent contact with
Wells Fargo as they had applied for a loan modification
(unsuccessful), and then notified them that they were going to short
sale the home. They were told by the rep from Wells Fargo that to do
a short sale they needed to get a real estate agent to list the home,
and then submit the listing agreement, their typical supporting
paperwork, and a purchase contract when it arrived. The listing
agreement, their bank statements, hardship letter, and tax returns
were submitted with the purchase contract. Wells Fargo then ordered a
BPO shortly there after.

All good, or so we think...

Then the news comes that they are being denied for the HAFA program
because they did not submit the listing agreement ahead of sending in
the contract. So much for doing my job and getting a good buyer under
contract to purchase this Bradenton short sale!

I make sure that all my home owners here in Sarasota and Bradenton
that are considering a short sale review the HAFA guidelines, and
contact their lender(s) ahead of starting the short sale process.
Unfortunately not everyone that answers the phone at Bank of America
and Wells Fargo understand their own process with applying for HAFA
and even the requirement that you have to apply ahead of submitting
any contracts.

I have included in this post a video from NAR explaining the workings
of the HAFA program and also a link to the official HAFA guidebook for
consumers.

Joseph C. Murphy, Broker-Associate, BS, Previews Certified
Coldwell Banker Residential Real Estate
11215 State Road 70 Suite 105
Lakewood Ranch, FL 34202
941-780-3260 cell/text
941-739-6777 office
941-739-9120 fax
www.manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

6620 Hunters Combe- University Park

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Posted via email from Joe Murphy Knows Real Estate in Bradenton

A great deal you need to know about in Bradenton, FL! 250k = NEW, 3/2/pool/spa/lake/loaded/golf included

Riverstrand in Heritage Harbour.  Brand new Bradenton home in a gated golf course community.  ONLY 250,000!!!!!

I showed this home to a potential buyer this past week, and although it's not a perfect fit for them.   (They are looking for a bigger home) I think it is quite noteworthy!  

I wanted to share this with you In case you, or someone you know is looking for that "GREAT DEAL"   This would make  an ideal second home, investment, or just a great full time place this can't be beat in this category.

Feel free to give me a call or email, and I can get you floor plans, video, or answer any questions if you have any interest.

THE DETAILS, and some snapshots...

Just completed, and still being punched out, this is a 1700 sqft 3 bedroom, 2 bath home with a killer lake view.  I am going to add the virtual earth view or snap a shot of the back yard.  

The bottom line price I was able to get on this closeout home in River strand is 250,000.  There's a lot of value in this home

River strand homes include a equity golf course membership, and tennis, and two pools, and fitness, and a 40,000 sqft clubhouse that is first class.

Here you can live like you are on vacation. The fees work out to about 340 a month, sounds high but includes a lot of lifestyle, and costs that you would pay anyway

All outside lawn care, irrigation, bug control, fertilizer, included (80-120 a month value)

Cable tv included (basic cable 40 a month)

Greens fees for the private 27 hole course, and use of the all the tennis, and other facilities included too.  ( if you use the amenities there is great value)

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IF you are looking for a great value in a new home in the Sarasota and Bradenton Area then this is one to consider.  The builder is down to their last 6 homes so they are dealing pretty hard.  This is the time to get a great bargain.

 

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Call me today to get more info, I'd be glad to get a video for you too.  I don't think that this one will last.  250,000 with full golf in a new, gated home with a killer lake view, spa, pool, granite, crown moldings, tile roof, paver driveway.  This one's special!!

 

Joe Murphy 941-780-3260

Coldwell Banker Residential Real Estate

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The home is not quite complete, still needs carpet in bedrooms, and the pool needs to be finished.  Check out that great lake view!!

 

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Posted via email from Joe Murphy Knows Real Estate in Bradenton

siesta key condo or home- none finer than horizons west in sarasota

 

Siesta Key beach home condo at Horizons West

 

LOCATION-PRICE-CHARM…Move in Ready! Siesta Key Villa. 2 bedroom 1.5 bath with a fresh open feeling inside & shady yard outside. Your opportunity to live the “island” lifestyle. The white sands of a private Siesta Key Beach right out your front door. Gulf side with 2 community pools, sauna and spa available. Walk to Siesta Village for great shopping and dining. Bike to the famous Public Siesta Key White Sand Beach for vollyball, drum circles and community activities and discover why this is one of the best beaches in the world! The private section of beach for this home is equipped with beach chairs and lounges for sunbathing; beach cabanas are available also, or you can relax in the Jacuzzi. It’s all about LOCATION, LOCATION, LOCATION!        This home has never been rented, however, there is a rental program available for you with Horizon West! MLS number M5816508

6145 Midnight Pass Rd # E-8, Sarasota, FL 34242 (MLS # M5816508)

(all data current as of 10/6/2010)

View Virtual Tour

Price	$399,000
Beds	2
Baths	2 full baths
Home size	1,068 sq ft
Lot Size	n/a
Days on Market	9

LOCATION-PRICE-CHARM...Move in Ready! Siesta Key Villa. 2 bedroom 1.5 bath with a fresh open feeling inside & shady yard outside. Your opportunity to live the "island" lifestyle. The white sands of a private Siesta Key Beach right out your front door. Gulf side with 2 community pools, sauna and spa available. Walk to Siesta Village for great shopping and dining. Bike to the famous Public Siesta Key White Sand Beach for vollyball, drum circles and community activities and discover why this is one of the best beaches in the world! The private section of beach for this home is equipped with beach chairs and lounges for sunbathing; beach cabanas are available also, or you can relax in the Jacuzzi. It's all about LOCATION, LOCATION, LOCATION! This home has never been rented, however, there is a rental program available for you with Horizon West!

 

Last Updated	10/6/2010	Tract	Horizons West Bay Side
Year Built	1968	Community	n/a
Garage Spaces	n/a	County	Sarasota
Total Parking	1	Walk Score ®	34

Additional Details

Taxes	3617	Kitchen (Approx.)	10x12
Master Bedroom (Approx.)	12x12

Features

Additional Parcel Y/N	No
Air Conditioning	Central
Appliances Included	Dishwasher, Disposal, Dryer, Microwave, Range, Range Hood, Refrigerator, Washer
Architectural Style	Villa
Area (Range)	Sarasota/Crescent Beach/Siesta Key
CDD Y/N	No
Community Features	Community Heated Pool, Community Pool, Deed Restrictions, Dock, Fees Required, Fishing Pier, Fitness, Recreation Building, Security
Exterior Construction	Block, Brick
Exterior Features	Mature Landscaping, Oak Trees, Outdoor Grill, Outdoor Lights
Fireplace Y/N	No
Floor Covering	Carpet, Ceramic Tile
Foundation	Slab
Garage Features	Side Rear Entry
Garage/Carport	1 Car Carport
Heating & Fuel	Fuel - Gas Natural
HOA/Comm Assn	None
Homestead Y/N	No
Interior Features	Ceiling Fan(s), Washer/Dryer Hookup
Interior Layout	Living Room/Great Room
Listing Type	Exclusive Right to Sell
Location	In County
LSC List Side	Manatee
Maintenance Includes	Building Exterior, Ground Maintenance, Trash Removal
MLS Area - Zip	Sarasota/Crescent Beach/Siesta Key
New Construction	No
Originating Board ID	Manatee
Pool (Home) Y/N	Yes
Pool Type	Heated Pool, In Ground, Spa
Property Description	One Story
Property Style	Villa
Property Type	Residential
Realtor Info	Condominium Documents Avail, No Sign
Record Delete Flag	No
Roof	Built Up
Special Listing Type	Not Applicable
Special Sale Provision	None of the Above
Square Foot Source	Public Records
Status	Active
SW Subdv Community Name	Pointe On Midnight Pass
Total Acreage	889 Sq. Ft., Up to 10
Utilities Data	City Water, Electric
Water Access	Beach - Private, Gulf/Ocean
Water Access Y/N	Yes
Water Frontage	Beach - Private, Gulf/Ocean
Water Frontage Y/N	Yes
Water View Y/N	No

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with COLDWELL BANKER RESIDENTIAL RE

(view all details for MLS # M5816508)

 

If you have been considering a condo on the beach of siesta key, here in sarasota, fl.  This is the condo you have to check out.  Especially if you want a place that has no hassles, remodeled, and priced right.  Horizon west is a quiet residential feeling street where you can get a siesta key condo that feels like a home.  If you wanted a siesta key single family home then maybe take a look at this siesta key villa.  You can walk right to the white sands of siesta key beach.  Jump into one of the two pools, or relax in the spa.  Then return to your own private oasis in this beautiful siesta key condo, or is it a house?  It’s Both. 

Siesta Key real estate has hit an all time low due to the waves of foreclosures, and short sales.  This Sarasota condo is neither.  Iis being sold turn-key furnished, and there is a great rental program onsite.  If you were considering an investment home or condo on siesta key then this condo should be considered over any of the short sales and foreclosures that you have seen.  You can close on this condo, and have it added to the rental program and start making income today with great siesta key investment condo.  The rental program is active, and they have openings for another unit.

One of the coolest parts of living in The Horizon west condos is the day use docks that are just down at the end of the street.  Here you can dock your boat for the day, so after that long day of great fishing, you can return to your condo and then cool off in the pool or the gulf of mexico.

Listing Price: 399000
Address: 6145 Midnight Pass Road
City: Sarasota
State: FL
ZIP:
pool (y/n): yes

MLS # (if any): M5816508
Square Feet: 1068
Bedrooms: 2
Bathrooms: 2
type of sale: normal

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Joseph C. Murphy, Broker-Associate, BS, Previews Certified

Coldwell Banker Residential Real Estate

11215 State Road 70 Suite 105

Lakewood Ranch, FL 34202

941-780-3260 cell/text

941-739-6777 office

941-739-9120 fax

www.manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

wells fargo announces "NO MORE SHORT SALE EXTENSIONS!"

Well I sure hope that Wells Fargo gets faster about giving short sale approvals and gives adequate time to close them!       

 

With no ability to get extensions buyers who need financing on their short sale purchases need to be extra diligent to getting their loan commitments on time to meet the approval time frames provided from the lender.  Wells fargo will need to be realistic to Junior lien holders having to also agree to the short sale approval.

 

In the past two out of three short sales with Wells Fargo that I have closed here in Bradenton, FL, A short sale needed an extension. 

 

In one instance I sold a short sale in Heritage Harbour the seller's second lender agreed to a short sale but insisted on more cash then Wells Fargo was willing to offer them.  They then wanted a cash contribution from the seller. Then Wells Fargo balked at the cash the second was to receive, and requested they be paid that as well.  It took a few weeks to work through this difference between the bank and Bank of America (who held the second).  That deal would not have closed if Wells Fargo did not agree to an extension of the approval.

 

In another deal I had a buyer who had issues with getting their mortgage commitment from their out of state lender.  Luckily we were able to get an extension on the approval, and the buyer was able to get through all the hoops that their lender had set up.

 

 

Many times second position lenders will not give a written approval until there is an approval from the first lender.

 

This is just going to add to the pressure to have everything in order when it comes to the closing phase of a short sale. 

I think that it is a mistake for Wells Fargo to issue such a strict rule when they don't typically adhere to there own time lines that they give out. 

 

10 days for a short sale to be approved is what Wells Fargo tells all their short sellers.  But, I have yet to see Wells Fargo actually approve one within 10 days of short sale submission.

To Wells Fargo credit, they have been getting faster at their turn around time.  And most agents would agree they are much better to deal with then Bank of America's equator system.  Bank of America could take some lessons from the way Wells Fargo now operates. 

 

This just reinforces the need for any home owner considering a short sale to make sure they get a Real Estate Agent with short sale experience.  Particularly with the lender that they are dealing with.

 

If you need help with a short sale in bradenton or sarasota make sure to give Joe Murphy a call.  Joe Murphy is a leading short sale listing agent in the sarasota and bradenton real estate market.  Dozens and Dozens of successfully closed short sales closed in Sarasota and Manatee.

 

 

For more details on this article
Joseph C. Murphy, Broker-Associate, BS, Previews Certified

Coldwell Banker Residential Real Estate

11215 State Road 70 Suite 105

Lakewood Ranch, FL 34202

941-780-3260 cell/text

941-739-6777 office

941-739-9120 fax

www.manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton