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Another apporach we have successfullly used is go on-line and find out if it's a Fannie (http://www.fanniemae.com/loanlookup/) or a Freddie (https://ww3.freddiemac.com/corporate/). If so, by-pass the lender (Chase, BoA, etc) and go straight to Frannie or Freddie and enlist their help. You can get the contact info from their websites. They have worked miracles for us, especially with BoA. They are the investor and they want the house sold and the short sale done and as long as you can provide 3 recent comps and a pricing/showing history for the porperty supporting your pricing they should work with you and hold BoA accountable. Good luck...
Isabel,
Just a quick question: . is there a foreclsoure sale date soon on this one? If so, HAFA acceptance will stall that sale date for you - which might be a benefit as you search for a buyer. Since it's not Fannie Mae or Freddy Mac, I would check to see if there is Mortgage insurance. If there is mortgage insurance, it may throw a wrench in things, as it may be the MI that's setting the high acceptable value.
Finally, I totally agree with you. Regardless of whether you accept the HAFA or switch to Traditional (or go with the streamlined short sale ). . . your immediate job is to FIND A BUYER and prepare your argument for value (comps). REMEMBER. . . Arguing value is the norm in this business. Having a good BPO value come in is a gift- a rare treasure - doesn't happen as often as we wish.
Hope that's helpful. Best of luck!
If you get an answer, please let me know. It seems to me to be a deliberate attempt to sidestep HAFA in my opinion. I had the same type of thing happen on a CHASE HAFA file. We already had an "approved" price through traditional methods of which was not moving the house and the HAFA letter instructed us to raise the price to almost $50,000 higher.
Isabel, I have done about 50 short sales in the last 12 months and have never faced such a situation that an agreed seller for short sale or a bank will dictate you the price. BOA has a form for disputing the BPO. If you can not find it on their website,you can request the negotiator to send you one. You should send 3 recent comps with that form. Keep on pushing!
Isabel,
Just a quick question: . is there a foreclsoure sale date soon on this one? If so, HAFA acceptance will stall that sale date for you - which might be a benefit as you search for a buyer. Since it's not Fannie Mae or Freddy Mac, I would check to see if there is Mortgage insurance. If there is mortgage insurance, it may throw a wrench in things, as it may be the MI that's setting the high acceptable value.
Finally, I totally agree with you. Regardless of whether you accept the HAFA or switch to Traditional (or go with the streamlined short sale ). . . your immediate job is to FIND A BUYER and prepare your argument for value (comps). REMEMBER. . . Arguing value is the norm in this business. Having a good BPO value come in is a gift- a rare treasure - doesn't happen as often as we wish.
Hope that's helpful. Best of luck!
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