My Bermuda Dunes CC listing for a single-family HAFA Short Sale was Approved !!! This sizable home of 2,555sf at 42185 Caballeros Drive has 4 bedroom/3 bath and sits on an estate size lot of 10,454sf.
This home in Bermuda Dunes CC was Listed on 5/16 for $240,000… went into Back-up on 6/5…and was approved on 7/19… for $240,000! There was only one note with Bank of America and that was for approximately $284,000. That’s a Total of only 64 Days from List to Approval !!!
Not only was the accepted Sales price the same as the List price at $240,000, but the Seller will also receive a $3,000 HAFA Relocation Fee! The HAFA program is reserved for primary residences, but if you have moved out and can show you’ve lived in the home within the past 12 months, you may qualify. There are other restrictions, but a terrific program and a huge help to borrowers who have lost so much on their homes.
Only 64 Days from List to Approval? That’s why it’s important to work with a Listing Agent who knows Short Sales and has a proven track record of CLOSING their Short Sales. I List, Work and Negotiate my own Short Sales – I do not use a 3rd party to Negotiate for me. If your Agent is not working their own files then maybe they just have too many files..or even worse, don’t understand the short sale process?
Thinking about Short Selling your Home? Please give me a call for your free consultation. There is NO COST to you, for me to negotiate your Short Sale from list to close. Kim Kelly, Short Sale Specialist with HK Lane Real Estate in La Quinta.
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HAFA short sale CLOSED. North La Quinta, CA.
Just closed another Short Sale in North La Quinta yesterday. This one was approved for a HAFA Short Sale. HAFA short sales are not easy because they require such extreme documentation from the Sellers, but if the Seller has already tried to do a Loan Mod, then it’s relatively straight forward.
HAFA is the government backed Short Sale program. It is for Primary Residences only with Purchase Money Loans. One loan or two loans..both may qualify. The requirements for the Seller are stringent to be sure, but less so than they were before this year! The Sellers income to expense ratio is no longer calculated, against their % of Mortgage payment. It used to be that the Seller had to be spending 31% or more of their monthly income to their mortgage. No longer. There must be a true hardship to qualify, but it is a good program because there are time lines and the Seller receives a Relocation fee of $3,000 to help them move on with their lives.
This particular home in the Topaz development of North La Quinta is gorgeous! Built in 1994, it has 3 bds/2.5 baths, a large yard with pool/spa/BBQ and outdoor shower, and is located on a dul-de-sac in a great school district. North La Quinta is preferred by families because it has great Kindergarden, middle and high schools within walking and biking distance for the kids. North La Quinta is also about 5 minutes from Hwy 111 with it’s shops and public transportation. The parks and common green belts located throughout the North La Quinta developments encourage outdoor living for all family members. A friendly, neighborly community of home owners.
Wells Fargo held the note for this home. Value of $350,000. I listed and CLOSED this Short Sale in approximately 90 days for the price I listed it at..$228,000. Seller received $3,000 in relocation fees and the Buyers purchased a highly upgraded home for a very good price. HAFA short sales are tricky, but with an experienced Listing Agent, they DO close!
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