Replies to This Discussion

Permalink Reply by Marcy Moyer on June 6, 2011 at 10:18am

HAFA is for owner occupied properties, not investment properties. You should tell Chase you do not want to be considered for a HAFA short sale and ask your realtor to make sure it is removed from HAFA review or you will have long delays.

Permalink Reply by Eric Mieles on June 6, 2011 at 10:48am

I second that partner. Your Realtor may have went over your financials with Chase and not mentioned it was investment property. They automatically send out the RMA form for you to fill out however I agree. You need to cancel it and remove the HAFA code.

Also you need to have your agent evaluate where you may be missing the mark regarding not being able to sell it. Consider if your priced properly? What kind of marketing is being done? Have you identified the specific type of buyer that would fit your property? Are you marketing that niche?

Consider all of these questions and ask more so that you can get a market value offer and proceed to successfully negotiating your short sale.

Good luck!

Permalink Reply by Dan McHale on June 6, 2011 at 11:27am

Thanks Marcy and Eric...

 

Should the Realtor be the one to contact Chase or me?  I call Chase often to check on the status of my file. Should this be something the Realtor does as well?  The Realtor and attorney both have authorization. My plan was to call tomorrow and remind them that I am not an owner occupied property...  Thanks..    

Permalink Reply by Suzanne Kensington on June 6, 2011 at 12:57pm

I have had lots of experience with Chase and they are supposed to send out the HAFA paperwork on almost every short sale file.  Disregard the paperwork.  If you are working with an experienced short sale realtor they will want to be the contact directly with Chase.

Permalink Reply by Eric Mieles on June 6, 2011 at 1:12pm

Dan, your welcome. As for who the point of contact should be I believe it should be your Realtor and/or the negotiation company who's processing and negotiating on your behalf. That's what you have entrusted them to do for you so as professionals they welcome the challenge and role.

However, I would not be opposed to you calling in and checking on the status of your short sale. I actually encourage my homeowners, Realtor/Agent clients to do this. It satisfies our own desire to know whats going on and who's REALLY doing what. I believe it keeps the agent/negotiator honest. I believe it's your home and you should take an active role of wanting to know whats going on.

Every time your agent calls the bank on your behalf the rep will take notations on the call. These notations will be documented on your file. When you call in you can ask what's the latest update on your file and ask what the past notations say. This helps you know who's if your agent is working hard to professionally process your short sale.

Good luck!

Permalink Reply by Marcy Moyer on June 6, 2011 at 1:40pm

Some banks (like Wells Fargo) want the owner to contact them to refuse a HAFA short sale review.  Chase will tell your realtor if you need to contact them.