I just read an email from C.A.R. that was promoting its HAFA classes for agents. The email implied that SB 458 will now make it easier for HAFAs to get approved, which is so far from the truth that it's laughable. The only reason right now to do a HAFA over a regular short sale in California is to try to get the $3,000. But for some sellers, the hassle of HAFA is simply not worth the headache involved nor the time it takes to get approval.
I am closing HAFA short sales but they are a lot more work than a regular short sale. HAFA has very stringent guidelines, and the type of HAFA determines how the program is worked.
If you're thinking about doing a HAFA short sale, you better call a Certified HAFA specialist to do it or your file could get denied. I got my certification a while back, and I listened between the lines and figured out how to do them. I did not sleep through the webinar. I took copious notes. I am telling you, they are complicated, but I feel competent and confident that any HAFA I tackle will close.
Second to HAFA short sales are FHA short sales. They are not as complicated, but they have their own little quirks. And here is a new FHA short sale listing. This means that HUD will most likely not approve more than 1% of the buyer's closing costs. It doesn't mean I haven't had FHA short sales approved that paid more in closing costs because I have, but it is unlikely to happen. On an FHA short sale, you're generally better off paying cash or getting a conventional loan than trying for an FHA loan with a 3% credit.
This is a charming, and I mean utterly adorable, 3-bedroom, 2-bath in Elk Grove. It's located in the Laguna Park Village subdivision but it is not a zero lot line. There is a tiled entry with soaring ceilings. You immediately feel at home when you walk in. There is a formal dining space in the living room, but also plenty of room in the kitchen for a breakfast table.
The kitchen floors are laminate, and the counters are tiled. There is a breakfast bar, built-in microwave, dishwasher and gas stove. You'll also find sliding doors to the back yard patio.
Down the hall are the bedrooms and baths. The master suite has a huge walk-in closet, almost double deep. Plus a ceiling fan and sliding doors to a second uncovered patio in the back yard.
You'll feel like this is your home immediately. That's because the seller had originally looked at more than 100 homes before she chose this home. I mentioned that her agent must have been a saint. Turns out she had worked with 3 agents. Hopefully, you won't have to look at 100 homes before you find this home. You'll simply walk in, say: this is it and write your offer.
6408 Shasta Creek Way, Elk Grove, CA 95758 is exclusively offered as a short sale by Lyon Real Estate at $148,220. For more information, call your Elk Grove short sale agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Barbara Dow at 916 761 7398.
Photos: Elizabeth Weintraub
Certified HAFA Specialist
Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.