Manassas Short Sale Approved by Ocwen – 90 Days from List to Close Expected!
Every short sale case is different in some ways…this one involved an application under the HAFA Short Sale Program, where the seller could be eligible for relocation assistance in the amount of $3,000. The seller wanted to apply for HAFA first on his own and then list the property with Jennifer Young Homes once he knew HAFA would be approved. We eventually worked with our seller to go ahead and list the home even during the HAFA application process so we could avoid a possible foreclosure date. I explained to him why we prefer to do this…
In our experience, in can be beneficial to move forward with listing your home as a short sale even while the lender is working on HAFA approval. This is so that we can put you in the best position to get the short sale approved whether it is through HAFA or Traditional Short Sale. More often than not we have seen HAFA take weeks or even longer for review for approval. Our best course of action is to move forward with the listing, market the property, get an offer, etc.. so that once we have HAFA approval we can simply counter the buyer on the HAFA approved price OR if we don’t have an offer yet then adjust the list price and market the property as a HAFA approved short sale. Not only will this speed things along for you but it will also allow us to be ahead of the game if we get denied for HAFA and have to do the traditional short sale anyway. Lastly, if the bank sets a foreclosure date during HAFA approval, which I have seen them do a lot, then this would allow us to be able to cancel the foreclosure date because we already have an offer in hand, which is what the bank requires.
In the end, we listed the property and secured a buyer and now we’re headed to closing approved as a HAFA Short Sale. Here are the approval letters from Ocwen and Bank of America:
Ocwen HAFA Short Sale Approval Letter           Bank of America Short Sale Approval Letter
If you know anyone looking for more info on the short sale process or how we go about getting a Manassas Short Sale approved, call me at 703-400-6757 or email me at jennifer@jyhteam.com.