Replies to This Discussion

Permalink Reply by Janie Booth on November 19, 2010 at 11:47am

Yes, it is part of the Making Home Affordable Program under the HAFA program.

Permalink Reply by Wendy Smith on November 19, 2010 at 11:47am

Citi has a program and I think BAC has a program - each is like in beta-form, available to selected borrowers only wherein the bank does state list prices. of course, if banks truly followed HAFA guidelines, they would be suggesting list prices on HAFA files.
There is some recent info in the BAC group . I have one going now with Citi and oh my gosh, it is wonderful so far! (I hope I didn't jinx it)

Permalink Reply by Eileen W. Smith on November 19, 2010 at 12:33pm

I'm looking for specific experience with Chase and HAFA PRE-APPROVAL. Thanks for the other info though!

Permalink Reply by Katerina Gasset on November 19, 2010 at 2:25pm

The HAFA program specifically states that one of their benefits is in a predetermined price to list the property at. This is all found in your HAFA guidelines. The lender gets the BPO, all the short sale documents and approves the seller for the short sale and then you list the house for sale as a HAFA short sale. Not many loans here in Florida qualify for the HAFA program but those that do get some nice perks such as a $3000 check to the seller to help them move and no deficiency.

Permalink Reply by Steve Early on November 19, 2010 at 3:47pm

This is supposed to be a regular 'feature' of HAFA but I have yet to see a pre-approved price in any of our dealings. My biggest concern has always been that if they did supply a price it would be crafted to deliver a specific net amount to the investor. To deliver that net figure I worried that the price would represent an uplift over whatever fair market value really was. However, I have never gotten a pre-approved price for any HAFA short sales so far.

The other possibility is: The short sale had a previous buyer at this price, buyer got frustrated, and decided to walk just before the approval was issued. If an approval was already given at a certain price, the agent could be advertising it as a pre-approved short .... assuming that it was approved by the investor and not just the lender. This could happen regardless of whether it was a HAFA short sale or conventional.

Permalink Reply by Eileen W. Smith on November 19, 2010 at 4:01pm

This is a brand new listing where the property owner was told to list with an agent and do a short sale. It's not being advertised as pre-approved, and the agent told me she came up with with the price, and subsequently told another agent that it was pre-approved and the lender (Chase) set the price.
I've seen HAFA approvals before also, but no pricing was pre-approved.

Permalink Reply by Jim Schneider on November 21, 2010 at 2:25am

Eileen,
if the lender pre-approved the list price, wouldn't it be in writting? I'd ask for a copy.

Please let us know how this goes for you, this may be the waive of the future or the next issue other agents are facing.

Good Luck!

Permalink Reply by Kimberley Kelly on December 5, 2010 at 8:05pm

My Chase negotiator is saying he will give me a pre-approved List Price for my Short Sale. Sellers have sent him all their financials etc. Problem is that I've already had it listed for 45 days and finally received an offer that is below Lenders' BPO..I sent it to the HAFA negotiator to see if he can tell me what to do next. Normally, an ARASS if we get an agreement..but am curious to see what he says..

Permalink Reply by Kimberley Kelly on December 11, 2010 at 11:26am

Yes, but it is not working many  times..the List Price I got was approx $100,000 over what it can sell for.  I submitted an offer anyway, got the file declined due to "this is less than our valuations".  I am re-listing at their "valuations" # and will keep reducing until I get an offer (bet it's the same as the 1st one), then new appraiser and hopefully, a closer to real life valuation..

Permalink Reply by Wendy Rulnick on December 11, 2010 at 12:32pm

I have a Chase HAFA listing.  They have pre-approved the seller, but don't set a listing price.  They are doing a BPO every 60-90 days.  They call me weekly, and ask if I have any offers, and if I've lowered the price LOL...  You can tell the rep is not familiar with selling real estate, but reading a script.  They are asking me to fax them seller bank statements and paystubs as they come in.  My impression is that once I get a contract, it will go rather smoothly.

Permalink Reply by Luis Cardozo on December 15, 2010 at 8:10pm

I have the same experience. Maybe it is a new thing. The last time I had dealt with Chase was on July 2010.  Maybe the listing agent had a buyer at one time and he/she had it approved under the Chase HAFA program. Just my guess.

Permalink Reply by Julie R. Baldino on December 27, 2010 at 10:06pm

I had an experience where the negotiator called me and recommended that we NOT go with the pre-determined HAFA price because we would have to price 25% higher than the BPO value. He also recommended pricing it according to the BPO (I was given that figure over the phone and it closely matched my estimate of value). Then once an offer was in, to have the seller enroll in the HAFA program (was already denied HAMP assistance). I lowered the price, got an offer the next day, had an approval in 30 days with the seller getting the full $3000 in HAFA relocation funds, and the 2nd mortgage (Chase also) being paid what they wanted. The best part... drum roll.... 1 excellent negotiator handled both the 1st and 2nd liens. It worked out great!

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