I have a new listing involving a B of A loan (no second loan involved). I asked my client to call B of A to request the short sale under HAFA and he was told that he qualified. I spoke to the contact person who was very nice. When I asked about the pre-approved short sale terms and when I would receive the short sale agreement, she said she had to ask her manager about that. She called me back today and told me that her manager said that they don't do pre-approved prices, which is strange. I checked B of A's website (see link below) where it specifically says: "Within approximately 30 to 60 calendar days, you’ll receive a Short Sale Agreement with the acceptable offer price" (part of step 2 of the process) http://homeloanhelp.bankofamerica.com/en/home-affordable-foreclosur... I am not dealing with B of A directly. The company that services the short sale is Loan Resolution Corporation. I was told that the HAFA short sale would be done through Equator and that I should just put the property on the market and once we have an offer, to upload the offer. Without the B of A short sale agreement that pre-approves the price, I feel that I am missing an essential element to the HAFA process.
Has anyone else been told the same thing? Any idea where I can go to get clarification?
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Hi Tom. Yes, it did close. We actually closed on 10/13 and yes the trustee sale was postponed again, but about a week before the 10/13 trustee sale date I received a call from an appraiser who said he had to do a rush appraisal for the REO department. I explained to him that we had an approved short sale that was not going to expire until 10/22 and that there was no rush because the 10/13 trustee sale was not going to happen. Not sure why BAC was paying for a rush REO appraisal after the short sale was approved and well before the approval expired. The negotiator could not explain it either, but he said he had no way to communicate with the REO department about this. The appraiser ended up doing the appraisal and I felt bad because it just added to my seller's distress. This was just another example how the right hand does not know what the left hand is doing and how they are wasting money on rush appraisals that won't do them any good. Why not wait and see if the short sale closes by the due date and if it does not, then order a rush appraisal? What am I thinking. That would make sense.
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