Short Sales & Jumbo Shrimp
I have always loved a good oxymoron…I had always thought that jumbo shrimp was my favorite. One of those things you snicker at under your breath with your twisted sense of humor. Then came short sales…ahhh the new twist in oxymoron. Even as I sit here I giggle. I just closed the longest escrow of my career, a whopping 18 months and yes, it was a “short sale”.
There were so many “learning moments” during this process. I learned about HAFA, which by the way after the first round of submission to the bank the first decided we qualified for HAFA and we got to resubmit, again and again. By the way, did you know HAFA has been updated? The AAR Winter Conference is actually bringing in a HAFA instructor to one of our break out sessions. There are new things that are going on, new rules and requirements. Even better this next week at the end of Prescott Winter Conference AAR has brought in HAFA instructor to educate our members on what is new and receive a HAFA certification. You can sign up for Fridays class at HAFA Certification (You can use promotional code APAAR004 for a reduced fee of $99).
If short sales weren’t complicated enough, add on MARS. In case you have been on another planet, MARS is Mortgage Assistance Relief Service courtesy of the Federal Trade Commission (FTC). Thankfully Michelle Lind, AAR’s in-house legal counsel has been working diligently with Commissioner Judy Lowe, NAR & the FTC to get as much information to us as possible. The required MARS disclosure documents have been updated. Check with your broker, as your company may already have them specific for your company. If not, generic documents are available at MARS Roadmap & Disclosures.
There were so many things that occurred during my 18 month “short sale”. And now look at what has come out in the last few weeks: MARS, HAFA update and that little thing called the new residential purchase contract. My short sale…well it looks like a “jumbo shrimp” in comparison. This is a moving target and more information will be shared at the Winter Conference. So many great speakers like Michelle Lind, Commissioner Judy Lowe. I hope to see you there, I’ll save you a seat, I’ll be the one with shrimp cocktail.