HAFA at AMS Servicing w/BofA - HELP on how to get an over-priced listing price reduced!
Hi All,
I am in a HAFA nightmare with AMS Servicing - Bank of America. My client applied for the HAFA program. Prior to her applying we listed the property and prior to it getting approved the list price was at $310,500 and we were getting good showings. The HAFA program told us we had to list the property at $351,000 which was way over-valued. Even though I found out the appraisal came back in at $320,000. We have not received a since showing since we had to adjust the list price to this HAFA Listing price. I asked for a priced reducation and they just reduced to only $341,000. This property will sale for not more around $305,000 as is.
Has anyone had success with disputing the value and getting it reduced to a price that it will sale for. The HAFA program is really set up for failure for the homeowner and just lead then into a DIL or Foreclosure.
Thank you for any input or advice.
Replies to This Discussion
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Permalink Reply by Brenda Houghton on
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Would your client consider opting out of the HAFA propgram so you can get out from under HAFA control and get the deal done? That's what I would recoomend if they were my sellers. They will lose their opportunity at the $3000 incentive, but the way your deal is going, they aren't going to get it anyway and are going to end up with a foreclosure. All the sellers have to do is request that their HAFA file be closed, then you can initiate a short sale on equator. Make sure your list price is the same as your offer price, and meet the appraiser or BPO agent at the property with your list of comps and repairs. You should get a better value, and should be able to get the deal done.
Good luck!
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