Qualifying your Temecula and Murrieta, CA Certified HAFA Specialist
Can my Agent explain to me my options? (Options under Treasury’s MHA “Making Homes Affordable Initiative” including HAMP, HAFA or other alternatives)
The Temecula and Murrieta, CA real estate professional you select should be able to explain to you each of these programs, the alternatives they provide, who is eligible, the process for each program, and the forms and documents necessary to apply. They should also be able to explain the pros and potential cons of each available alternative.
Can my Temecula and Murrieta, CA real estate agent explain the short sale process to me (HAFA or other)?
A qualified short sale real estate agent can clearly and logically evaluate each situation and explain in detail, the short sale or HAFA short sale process, a strategy from list to close, and make proper recommendations specific to the clients’ situation, which may include referring them to an attorney, tax, or other licensed professional.
A qualified short sale agent knows and tells their client about legal and tax questions to be answered before you make a final decision, but also knows never to provide legal, tax or credit advice as this advice should only be provided to you by a licensed legal, tax or credit professional.
How do I know if my property or hardship qualifies for a Short Sale (HAFA or other)?
A qualified short sale real estate agent must know and understand the property related attributes that can determine what options are available to the client and what may need to be addressed specific to the clients’ situation for property approval. They should also know what lenders typically consider as “qualified financial hardships”. They should be able to review a clients’ situation and inform them of the different types of hardships that most lenders consider acceptable, from divorce to significant income loss.
Does my real estate agent know what information should be provided the lender(s)?
A qualified short sale real estate agent will be able to ask the right questions and provide clients with the appropriate paperwork to begin the process of creating a short sale package for the lending institution, HAFA or non-HAFA.
Does my real estate agent know how to create an effective short sale strategy?
A short sale will only be accepted by the lending institution if both the property and the client meet the lending institutions guidelines. With the correct knowledge and expertise of a short sale, a real estate agent, should have all of the necessary elements (marketing, pricing, listing, packaging, negotiations, timelines and procedures) documented to qualify for and complete a short sale.
Does my real estate agent have prior experience and specialize in working with homeowners and lending institutions to create a short sale transaction?
Real estate agents working on short sales should have the specialized knowledge and understanding of the systems, documents, and actions required to be successful. If your current agent does not, you should consider another agent or professional who can assist you with this highly specialized type of real estate transaction..
How do I know if I am really comfortable with the real estate agent I’m selecting?
A seasoned professional must take the necessary steps to understand the emotional state of a distressed homeowner, portray genuine concern, and uncover the true nature of your current situation and go forward options. They should be knowledgeable about your likely options, but also realistic about what is possible. Finally, putting the clients (your) interests before their own will be the difference between success and failure. Relaying systematically all the latest information, necessary processes and possible alternatives for a client, specific to their challenges with consideration to their level of stress will make all the difference.
Bottom line, do you trust your real estate agent to do what’s right for you vs. acting in their own best interest? Are they knowledgeable but also realistic about pointing out potential issues or hurdles? Have they closed short sale transactions in the past? Are they an effective and honest communicator? The answers to these questions will reveal the right professional to support you and your family.