Homeowner, with the assistance of a FRESH START Certified Listing Agent applies for the FRESH START Housing Program. Homeowner completes the FRESH START Housing Program Underwriting Worksheet, Application, Authorization to Release Information Form, Drafts a Hardship Letter and signs 4506-T Form.
Homeowner applies to HAFA Program with assistance from FRESH START Certified Listing Agent.
Three estimated lease payments are placed into a savings account held by Homeowner. The payments are spread over a 90 day period, during the Short Sale negotiation period with the homeowners mortgage lender. By holding the saving in the homeowners own saving account, it demonstrates the Homeowners ability to pay the lease payment and provides Homeowner with necessary funds to pay to the first’s month lease and two months security deposit.
After acceptance into theFRESH START, an “all cash” offer is prepared. The home is listed by the Homeowner’s FRESH START Certified Listing Agent for a “Short Sale” and home uploaded into the MLS.
The Investor’s offer is submitted to the homeowner. Upon acceptance by the homeowner, the offer is submitted to the homeowners mortgage lender for approval.
Upon Homeowner and Lender Acceptance of the offer, an appraisal is ordered. A full interior and exterior appraisal is performed to insure the home is in marketable condition as represented.
Escrow is opened, verification of all terms of the purchase are completed and all paperwork is compliant with the states Department of Real Estate.
Closing Documents are prepared and executed.
Upon Close of Escrow, Client signs the lease, Client makes first lease payment and has a 3-year window to repurchase the home at or near current market value. Established repurchase value increases 3% annually.