How does the HAFA process affect buyers?

I am currently representing a seller who has applied and been approved for a HAFA short sale (the servicer is Chase). An agent who has a buyer that wants to put in an offer was told that the buyer would have to complete inspections and get mortgage commitment before the short sale approval would be issued. Is this true?

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Permalink Reply by Wayne Brooks on April 20, 2013 at 12:25pm

No.  The agent was probably dealing with a listing agent before who equired that.  I agree with the inspections up front, like a normal sale, and good evidence of any preapproval (underwriting results, confirming tax returns used, etc.)

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on April 22, 2013 at 6:51pm

William, that's not true. Chase HAFA will approve an offer and then the Buyer may continue with the sale (escrow). Good luck. 

Permalink Reply by Jeffrey Burnham on April 23, 2013 at 10:55am

Not a HAFA requirement. You would be foolish to accept an offer IF the Buyer doesn't have his financing in order though. Here in Las Vegas, Inspections are suggested but in no way required. (Unless required by BUYER'S lender...like VA or FHA type loans) I would never submit a Buyer for the HAFA nomination on a property without confirming with his lender that he is able to perform. Again, locally many agents INSIST on prequalifying a Buyer with their OWN lender to confirm ability.

Good luck. Chase is actually pretty good these days if your Seller has been approved for HAFA.

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