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.

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Replies to This Discussion

Permalink Reply by Melanie Ross on May 24, 2011 at 8:24am

Myra,

 

I am having same issue.  Not sure what planet they are on when put a price on the HAFA properties.  They sure inflate it.  We have one in contract that was less than asking price and we are waiting on the approval.  The neg said the price was ok.  I would call every month, provide proof that no one is even looking at the house. and keep going for the price reductions.  I also put in confidential agent remarks,  just bring an offer!!

Permalink Reply by Laura Rencher on May 24, 2011 at 1:01pm

My agent fought the high BPO from the beginning of our contract with every piece of info imaginable. We even sent an inspection report from a buyer that pulled out due to repairs. She got nowhere. We submitted a lower offer and it was countered back at the original BPO. The contract ended today. We have multiple parties interested at a lower price...Despite multiple phone calls to AMS and Freddie Mac, we have gotten no willingness to even consider the information we provided. BOA also will not consider contract extensions and will only offer DIL.So Freddie Mac is about to own another house.....

 

Hope you have better luck than we did.

Permalink Reply by Melissa Brown on June 12, 2011 at 2:38am

Myra, I am having the SAME problem with AMS servicing my client's B of A HAFA short sale.  The BPO took 2 months to upload.  My client said he was at the house for 5 minutes.  When AMS told me the list price, I was flabbergasted.  It was MORE than he paid for this townhouse in 2007!  AMS keeps telling me that they won't consider a dispute over a price unless there's an offer.   HELLO...there won't be an offer at this price.  We haven't had a single showing yet.  Nada, zilch, zippo.  I told AMS that they were dooming my client to foreclosure, because it will never even get showings at this price!

 

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