Is B of A giving pre-approved Short Sale pricing???

I keep hearing this, but still not getting any responses in my B of A new listings???  What's up??

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Permalink Reply by Edie Czerniak on June 20, 2011 at 2:23am
I'm working on a Pre-approved short with B of A now.  After 3 months finally got HAFA approval and Friday received email that they have things to do but be patient.  What ever that means.
Permalink Reply by Kimberley Kelly on June 20, 2011 at 2:29am
Thanks to you all.  I believe it is the COOP that I have been hearing about.  I have good luck with HAFA closings after I have an offer with an ARASS.  Makes me a bit nervous with the 120 day or Deed in Lieu if they come in really high, which they can???
Permalink Reply by A. Denise Franklin on June 20, 2011 at 1:24pm
As of two weeks ago a BofA neg. told me they are not currently pre-approving short sales; however, they are working toward that.
Permalink Reply by DoesntMatter on June 24, 2011 at 12:13pm
Some HAFA's will help in the pre-approved pricing, however all B of A CoOp's will assist in marketing the property. What happens is they determine the listing price, then every 21 days you go WITHOUT an offer, they will approve a price reduction gradually, till you get a bite.
Permalink Reply by DoesntMatter on June 24, 2011 at 12:15pm
The B of A specialists ONLY work traditional files, which currently DO NOT provide pre-approved list price.

A. Denise Franklin said:
As of two weeks ago a BofA neg. told me they are not currently pre-approving short sales; however, they are working toward that.
Permalink Reply by Michael Gaddy on June 26, 2011 at 1:42am

One other thing you should be aware of about BofA HAFA short sales:  BofA does not process them through Equator. 



chris dodson said:

Are you saying that Hafa guidelines, by default, push up the requested price from BofA? Another question regarding Hafa. This is my first Hafa experience; how much longer of a time-wait factor is there in getting an approval when combining Hafa with a BofA?

The Negotiator said:
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.
Permalink Reply by Jeff Payne on June 26, 2011 at 2:04am
i did not read all posts but have closed a hafa sale on equator.

Michael Gaddy said:

One other thing you should be aware of about BofA HAFA short sales:  BofA does not process them through Equator. 



chris dodson said:

Are you saying that Hafa guidelines, by default, push up the requested price from BofA? Another question regarding Hafa. This is my first Hafa experience; how much longer of a time-wait factor is there in getting an approval when combining Hafa with a BofA?

The Negotiator said:
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.
Permalink Reply by Linda Susan Fox on June 27, 2011 at 4:11pm
I just received a call from Chase and they wanted only the listing agreement to assign a negotiator to give me pre approved pricing.  I will get back with SS Superstars as soon as I know more.
Permalink Reply by Ray Snook on June 28, 2011 at 4:38am

I tried for two months to get my client on to the Co-operative short sale program without any sucess. By the time I made some head way we got an offer so it reverted to a traditional short sale. And now I am fighting them because they want 15000 over market value and keep countering back to that same price. I figure it is just pure luck with BofA as to whether you get someone on their end that knows what they are doing. They simply do not have cookie cutter processes that work the same every time. You can get bogged down in HAFA even when you constantly tell them (with the homeowner on the phone) that the seller doesn't want to be considered. And if you get an unreasonable negotiator you might as well scrap it and start again.

Long and short of it, some will go well, others will be a nightmare. It's all down to who you get on the other end of the phone.

Isabelle Javier said:

 

I presently have two Cooperative short sale listings with Bank of America. I met the apraiser at both properties, provided them with comps, and the list price came in UNDER market value. I had multiple offers from the get-go. The issue I've had lately is getting the approval letter, which was suppose to only take one to two weeks. Other than that, it's nice as you are given a negotiator from the start. A cooperative short sale is done by calling B of A, with your client on the phone, asking for a Cooperaive short sale. First they will try to push the client through HAFA, it they don' qualify (investors don't), then they move on to the Cooperaive short sale, or COOP as they call it. Then they have the client sign an agreement which sipulates that B of A gives the client 120 days to sell the property, or the client agrees to a deed-in-lieu of foreclosure.

Permalink Reply by Melissa Brown on July 1, 2011 at 9:12am

I am at my wit's end with my B of HAFA short sale.  Client went through loan mod and was approved for a HAFA short sale.  BPO came in WAY over market value, and we have NOT had one showing yet in 47 days.  The B of A list price they made us go with is HIGHER than what the guy paid for it in 2007!  I have submitted comps, asked for a price reduction, no one responds.  When I call AMS, they send me to B of A, who sends me back to AMS.

This poor seller is doomed to foreclosure from the very start.  Are HAFA short sales a ruse for the banks to get the homes back through DIL?  Ain't no way this home is selling at this price.  

 

Question....can I reduce the list price with a request from my seller to do so? (Without going through B of A?)


Permalink Reply by Ray Snook on July 14, 2011 at 6:10pm
Well I just got a call from BofA who say the investor will not accept less than the inflated BPO price, that the auction is scheduled for 8/4 and that if we want to accept their overpriced counter we will have until then to close it - no extension. Basically the investor is forcing it to go to foreclosure. My guess is that the investor has MI that will pay out more than the short sale will net, though the bank wouldn't confirm whether there was MI or not. Everyone is fed up, buyer, seller, buyers agent and me.  What a waste of 6 months with this shower of jackasses. 

Melissa Brown said:

I am at my wit's end with my B of HAFA short sale.  Client went through loan mod and was approved for a HAFA short sale.  BPO came in WAY over market value, and we have NOT had one showing yet in 47 days.  The B of A list price they made us go with is HIGHER than what the guy paid for it in 2007!  I have submitted comps, asked for a price reduction, no one responds.  When I call AMS, they send me to B of A, who sends me back to AMS.

This poor seller is doomed to foreclosure from the very start.  Are HAFA short sales a ruse for the banks to get the homes back through DIL?  Ain't no way this home is selling at this price.  

 

Question....can I reduce the list price with a request from my seller to do so? (Without going through B of A?)


Permalink Reply by Eric Mieles on July 17, 2011 at 3:14am

Chris. are you submitting an offer to BOA and requesting HAFA? If you already have an offer and the seller qualifies you more than likely will be routed to an outsourced company who will handle the doc set up, processing and be sent to a negotiator. This company was LRC but I believe now handled by UTLS. My experience (Just my opinion) the potential benefit you may get with HAFA will be overshadowed with the delayed time frame in getting your deal to the final closing. You will go months through this process with either LRC or now UTLS only to potentially find out you've been denied. Also please don't make the mistake of finding out if the loan has MI on it. If it does make sure the MI Company approves HAFA if they don't then you need to cancel right away and go traditional.

 

If you are submitting your ss HAFA without an offer than it probably would be outsourced to AMS which will also take you through a delayed process only to get some inflated list price.

 

I recommend you consider your options before 100% committing to HAFA and educate your sellers on the plus and minus. Really look at your ss file and determine if this will be the best strategy for the deal.

chris dodson said:

Are you saying that Hafa guidelines, by default, push up the requested price from BofA? Another question regarding Hafa. This is my first Hafa experience; how much longer of a time-wait factor is there in getting an approval when combining Hafa with a BofA?

The Negotiator said:
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.

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