Has anyone had any experience with Chase pre-approving a HAFA Short Sale with a listing price?  I have a Buyer interested in a property where the agent says it's a pre-approved HAFA Short Sale, and she was given the listing price by the bank.

My experience with Chase is that they don't pre-approve anything, particularly listing prices.

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I am trying to get one Pre-Approved right now. The person assigned to the loan I am dealing with is in Texas. This is SUPPOSED to be a feature and advantage of the HAFA program, but I am being told over and over again that Chase will not Pre-Approve any terms. We have held off doing the listing until we got an answer, because they kept asking for more paperwork. They finally ran it through this past week (after a month and a half) and said the property "Pre-Qualifies" sent us one more form, and said they now need the listing and and MLS history.... When I try to explain to them we are trying to get a preapproval of terms, and even point to the HAFA Directive directly, they say that the account is now at a standstill and they can do nothing more until they receive the listing.

Hi Eileen:

That has been our experience as well. However, if there was a previous buyer on this property that walked, it is possible that the transaction was evaluated and approved all the way up to the investor level before it became known to them that there was no buyer anymore.

In such a case, the listing agent could advertise the property as a pre-approved short sale. The risk of course is that if enough time transpires before a new buyer enters the picture, the valuations can get old, a new BPO may have to be ordered, and the deal could change as a result.The same result could happen if the deal was only approved at the servicer level. If it still has to go to the investor, it shouldn't be getting advertised as a pre-approved short sale.

I suppose it is also possible that this is a unique situation where Chase actually did give the agent the price in advance. I read somewhere recently that the prices under HAFA that are doled out in advance tend to be higher than FMV.

 

Robin:

Yours is just another example that points to the fact that HAFA is a "program" ... not a law. Lenders are participating in the "program" but making up their own rules on how to apply it.  HAFA guidelines say they are to give you a pre-approved price - they usually don't. They're supposed to respond to offers in 10 days - don't make me laugh. They're supposed to give the seller $3,000 in moving expenses - sometimes they don't. And finally they are supposed to give debt forgiveness for the balance and they don't always do that either.


Robin Hurtado said:

This is SUPPOSED to be a feature and advantage of the HAFA program, but I am being told over and over again that Chase will not Pre-Approve any terms.

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