If your client (Seller) receives an offer from B of A stating that he/she has been "approved" for a HAFA Short Sale, you should pray that AMS is not negotiating for B of A.  We are now 10 months into the transaction, I have provided every single document requested via Equator (earlier than deadline each time,) and the negotiator has ignored every telephone voice mail and email, from both myself and my Seller.  Now, after 3 extensions and a fully approved Buyer, they state "your short sale request has expired." 

The Customer Service Rep said "well, at least the Seller's deficiency will be waived."  Of course, I am happy that my client does not need to worry about the deficiency, but why did we all work so hard to get to that point?  When I spoke with a Customer Service Rep at AMS, she said that the Seller must "attempt" to complete a short sale before B of A will offer a Deed In Lieu Of Foreclosure with deficiency waived.  So, of course, my question was, why did I, the buyer, the buyer's agent and the seller need to go through this in order to get to the Deed In Lieu?  If the end result could have been the Deed In Lieu, we could have spared the buyer the grief of waiting 10 months, I could have spent my time and efforts on other clients and projects, and the Buyer's agent could have found the buyer another home.

Someone needs to take responsibility for the way the negotiators perform (or do not perform.)  They are paid regardless of the outcome and they have little respect for those of us who are working so hard to complete successful sales of these properties.

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B of A and all their acronymed lackeys suck.  I have yet to have a short sale with them that has not made me wish I was having my teeth pulled instead.

Unless a homeowner insists on HAFA I don't encourage it.  I've found BOA released all it's deficiency rights in all my short sales that were "traditional" - Now they didn't get the moving money, but they DID cover a ton of the buyer's closing costs.

 

I'm so sorry you're going through this but I'm happy you posted so I can watch out for this in the future.

I am sorry too. AMS handles HAFA shorts w/out offer and they try the "Preapproved list price" game. I would recommend others to stay away and if need to go with HAFA get an offer and go LRC/UTLS. Not that that will be a walk in the park but far better than playing catch up in inflated values.

Sorry Terri. Learn from it and it will make you better!

AMS is terrible!  I have been waiting for a Fannie approved price for l month after appraisal....we started with AMS Aug. 1 and all documents were sent in immediately, they lost some, etc.  It is now mid Oct. and we still don't have an approved price, SAD. 

 

 

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