Is B of A giving pre-approved Short Sale pricing???

I keep hearing this, but still not getting any responses in my B of A new listings???  What's up??

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Permalink Reply by Smitty on June 18, 2011 at 6:08am

I agree 100%.  I had a conversation with a Chase rep last week who told me that Chase wanted at least $10,000 than the BPO price for a property, that was already WAY overvalued with the BPO. 

 

Any time a lender is pre-setting a price, it's never a good thing.  Harry is right.

Permalink Reply by The Negotiator on June 19, 2011 at 4:05am
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.
Permalink Reply by Adela Picar on June 19, 2011 at 5:03am
If this is HAFA then they will give you a price only if you dont have an offer. If not a HAFA then you list on MLS with the comps you found. If you are doing a HAFA and have an offer you can still submit but you won't get a pre-approved price. hope this makes sense. I have done this with BOFA a few times. Once you initiate a short sale in Equator then it will let you know if you seller may be approved but still has to go through the process. One key factor is if the seller has has lived in the home the past 12 months and if not you will do the traditional short sale.
Permalink Reply by chris dodson on June 19, 2011 at 5:07am
Are you saying that Hafa guidelines, by default, push up the requested price from BofA? Another question regarding Hafa. This is my first Hafa experience; how much longer of a time-wait factor is there in getting an approval when combining Hafa with a BofA?

The Negotiator said:
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.
Permalink Reply by ALLAN ARTHUR on June 19, 2011 at 5:48am

The Initial Appraisal was High, How ever I complied with BofA INCREASED my LP at their request. Mind you this was already after I had started at the request of the seller $100K over priced. At my request the seller gave me complete control of the list price. (in writing). after 3 weeks I lowered the LP by $30K, still no activity, Lowered another $20k, a little activity, a week latter I dropped it $100K below BofA Suggested LP. recieved 3 offers bidding the property over the current LP. Subbmitted the highest and best with my BPO and a record of activity. for the property and the market area.BofA requested another appraisal. came in close to offered price. This made their negotiator very happy! we should be opening Escrow by end of week. Waiting for HELOC approval. I believe that the Banks want to know that you did your best to get them the highest dollar possible for the property. when you do this you win. oh by the way they are paying 6%.

 

Permalink Reply by Cherrie Brown on June 19, 2011 at 6:55am
Bank of America has the Coop Short Sale Program which will give you a  list price before you have an offer. But you can't have a offer already. It is really important to meet the BPO agent or Appraiser at the listing to assure they know what they are doing and you can point out what the difficulties have been in selling the home. ie pet odors, bad floor plan... these seem common enough you would think the Bpo agent would mention but they are often in a hurry. I have had all my BofA listing, Wells and Chase listings come in at or below value to compensate for the issues with the home. They are mostly relying on the BPO, Appraisal and agent info to set a prcie or reading from a script that means nothing in the end...
Permalink Reply by ElizabethWeintraub00697006LyonRE on June 19, 2011 at 8:05am

Bank of America has a variety of short sales. There is the Streamlined, which is the newest. The Cooperative. The HAFA. The Preapproved HAFA. Take your pick. If you've got a desirable listing, then letting the bank pick the price is really not so bad. I have a Preapproved HAFA that got bombarded with multiple offers in Sacramento all because the bank picked a price way BELOW market value. So it can work in reverse. Don't forget that.

 

Elizabeth Weintraub

Broker-Associate #00697006

Lyon Real Estate

Sacramento Short Sale Agent

Certified HAFA Specialist

 

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Permalink Reply by Sherry Ramos on June 19, 2011 at 1:08pm
I have a new HAFA listing with BofA as well as an existing HAFA listing with them and they have never given me a price.  I had requested that they provide a new evaluation on a property that was in escrow for 60 days and fell apart -- prices had fallen since they had given the original approval.  They said their file was due for a new eval but didn't do it until I sent them another offer.  I did meet the appraiser, who was the same guy who evaluated the property the first time, and pointed out the inferior conditions that prevented higher offers. I was not given the value after the appraisal was completed either time.  The appraiser stated he couldn't provide me with that information.  When I asked BofA, they never responded.
Permalink Reply by Jan Baron on June 19, 2011 at 4:16pm
I had an approved HAFA SS listing and BOA would not give me the BPO or suggest a price.  After 3 weeks they foreclosed on the home because I didn't have an offer.  It was my understanding that I had 3 months to market it and they cut me short.
Permalink Reply by Donna McClelland on June 19, 2011 at 4:53pm
I've only gotten pre-approved listing pricing on BofA Coop short sales.  Perhaps this is what you are thinking of?
Permalink Reply by Isabelle Javier on June 19, 2011 at 6:00pm

 

I presently have two Cooperative short sale listings with Bank of America. I met the apraiser at both properties, provided them with comps, and the list price came in UNDER market value. I had multiple offers from the get-go. The issue I've had lately is getting the approval letter, which was suppose to only take one to two weeks. Other than that, it's nice as you are given a negotiator from the start. A cooperative short sale is done by calling B of A, with your client on the phone, asking for a Cooperaive short sale. First they will try to push the client through HAFA, it they don' qualify (investors don't), then they move on to the Cooperaive short sale, or COOP as they call it. Then they have the client sign an agreement which sipulates that B of A gives the client 120 days to sell the property, or the client agrees to a deed-in-lieu of foreclosure.

Permalink Reply by Donna McClelland on June 19, 2011 at 6:07pm
Great info!  Thanks Isabelle

Isabelle Javier said:

 

I presently have two Cooperative short sale listings with Bank of America. I met the apraiser at both properties, provided them with comps, and the list price came in UNDER market value. I had multiple offers from the get-go. The issue I've had lately is getting the approval letter, which was suppose to only take one to two weeks. Other than that, it's nice as you are given a negotiator from the start. A cooperative short sale is done by calling B of A, with your client on the phone, asking for a Cooperaive short sale. First they will try to push the client through HAFA, it they don' qualify (investors don't), then they move on to the Cooperaive short sale, or COOP as they call it. Then they have the client sign an agreement which sipulates that B of A gives the client 120 days to sell the property, or the client agrees to a deed-in-lieu of foreclosure.

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