During the week of November 19, 2012 the U.S. Treasury announced critical new guidelines which should help to streamline and standardize the HAFA Short Sale program. These are important for all Phoenix realtors dealing with Arizona short sales to understand.
Some of these new guidelines include but are not limited to the following points:
1. New “pre-determined” hardship borrower categories
2. Current documents that will no longer be mandatory
3. Anti-fraud affidavit verifying arm’s length transactions
4. Condensed approval timeline required for servicers
5. Shorter prohibition of resale timelines for HAFA deals
6. A $3,000 relocation incentive for qualified homeowners
7. A shortened decision timeline to “essentially 30 days” which is now in line with the new Fannie Mae and Freddie Mac short sale guidelines
We will continue to post any new updates to guidelines for Phoenix Arizona realtors as well as Phoenix homeowners to use in helping them determine whether or not they should conduct a Phoenix short sale.
We are a team of Phoenix Arizona realtors specializing in helping Arizona distressed homeowners with their Phoenix short sale properties and ultimately assisting them reposition themselves for a future Phoenix real estate purchase.