Comment

Comment by Mike Sher on June 9, 2011 at 12:47pm

FNMA is also $5000 or less

 

Comment by Kevin - Greenville, SC on June 9, 2011 at 12:45pm

To qualify for the Freddie Mac HAFA program, borrowers must be more than 60 days delinquent and have cash reserves of less than $5,000 or three times the current monthly mortgage payment, whichever is greater.

Comment by Neddie B. on June 9, 2011 at 12:43pm

WF denied HAFA because seller has too much $ in reserves. Anyone knows what the guideline is for this reserve?

Comment by Maria Evans on June 3, 2011 at 7:07am

I thought a lot about this and decided that I can not damage my reputation by having a wrong price on my listing. So, I came up with this idea (I hope everybody will do the same!)

** HAFA SHORT SALE PRICED BY THE BANK, ALL REASONABLE OFFERS CONSIDERED **. This way I comunicate that I know it is overprice.

I agree, it is very important to tell the bank, since the beginning it is overpriced...

Comment by Michael Schneider on June 2, 2011 at 9:37am

These issues you are raising are, I think, inherent in a sales process where the appraisal is done before the accepted purchase offer.  I only do the appraisal prior to offer, if I have no choice.  The offer price is probably the single most significant measure of market value.

HAFA took this idea from FHA/PFS program.  And, the same problem occurs in an FHA short sale.  If the initial appraisal is too high, you just give up and give the property to the FHA.

Comment by Stacey Wilson on June 2, 2011 at 9:09am

Maria,

 

I had a similar situation where the net to the bank was top of the market.  I told them from the start that this was too high, had them order another BPO and advised that they were not allowing for any closing cost or the customary seller paid items with that net.  Go back to them, as for a new BPO.  Make sure that you tell them that with that net they are setting you up for failure before it even goes to market and it would be a mute point.  It won't appraise anyway.

Comment by Maria Evans on June 2, 2011 at 9:07am

NAR person in charge of HAFA issues is Charles Dawson at 202-383-7522.

I called and left a message about banks telling realtors which is the price we should list a property.
I ask please everybody who feels this is wrong to call him as well. NAR should be accountable to realtors. We paid NAR to help us not to give them a job. Or we may not need to care this title "realtor" in the future.

Comment by Maria Evans on June 2, 2011 at 8:46am

The best thing about short sale, until HAFA, was that if you know how to price, you would sell the property. You couldn't price too low or too high. Not anymore, now the banks are saying which should be the listing price based on someone out of the area appraisal or BPO.Someone who doesn't have a clue about the market which will cause further damages like if the real estate market could afford more mistakes.  

Do we really need to follow this crazy price recomendations? Market is going down, anyone who wants to sell must know how to price and now someone is telling me which my job is??? Where is NAR???

I have a listing that is not getting any showings at $185,000, neighbor cant'sell for $170,000 (same size)  and yet they want me to sell it in 120 days for $222,000!!  This is against all rules of the market....

I have another one that was priced by Bank of America $60,000 over the real price. They hired a company that even calls you to ask how you are marketing the property. I loved to answer this question....I say that right now we are focusing on selling the other properties that are priced to sell.  

The problem is that the wrong price affects our reputation and for this reason NAR should be working on this instead of focusing in getting the most money from www.realtor.com  where a realtor has to pay to show more than 4 photos of their listings.  And even though they may not show up for days...

Comment by Paola Martinsen on May 24, 2011 at 4:21am

Does anyone know what the min net is with a HAFA short sale? Or does it vary according to the investor still? I would imagine its standardized all across the board.

Comment by Laura Rencher on May 19, 2011 at 6:04am

New info: I read the Freddie mac HAFA servicer manual (http://www.freddiemac.com/learn/pdfs/service/hafa.pdf).  It requires servicers to consider requests for extensions of the contract which would include marketing strategy, price, etc. The request is supposed to be submitted 10 days prior to the extension of the contract.  Bank of America, of course, never provided any information about extensions although we were told that it would be an option when the contact expired.  I called AMS back and told them that I was told this morning that Freddie Mac was not accepting any extensions on there HAFA contracts. I told them this was very different from what the Freddie mac Servicer guidelines stated. The guy said "hold on, Let me find out." when he came back, he said that "BOA HAD DECIDED NOT TO FOLLOW THE FREDDIE MAC GUIDELINES."  I responded, "I wondered how Freddie Mac feels about that." My agent is calling Freddie Mac now.

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