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Hi Kynse,
I am doing a Chase HAFA. My case just got forwarded to a HAFA processor awaiting for approval. Chase said it will take about 30 to 45 days to get a decision. Is there anything I can do to speed up the process?
Caroline Chai, RE/MAX Realty 100
Caroline,
I would call or email your negotiator weekly for an update on the approval. Once approved you will have only 45 days to close or risk a $1500 extension fee. Our buyer was obtaining FHA financing so once we had a verbal approval from the HAFA negotiator we started the loan process to avoid any delay in closing.
Kynse Agles CDPE (239)560-6587
Caroline Chai said:Hi Kynse,
I am doing a Chase HAFA. My case just got forwarded to a HAFA processor awaiting for approval. Chase said it will take about 30 to 45 days to get a decision. Is there anything I can do to speed up the process?
Caroline Chai, RE/MAX Realty 100
Paul,
I have closed both HAFA and non-HAFA short sales with Chase. I really like working with Chase and have always had very smooth short sales with them. My seller in this particular transaction had been through the HAMP program, but could not afford the payments.
We started the process with an offer. The property was very desirable in a great location (gated subdivision in Lee County Florida, West Coast). The day the property went into MLS we had 10 showings, and 4 offers all over asking price. I submitted the full Chase HAFA packet the next day. I had a negotiator within 10 days, the BPO was ordered within 15.
The process was very smooth, the only actual negotiating that had to be done before approval letter was past HOA dues. Because the association had not yet placed a lien on the property they would only pay a maximum of $1350 in back dues, which was fine because the buyer paid the remainder.
The longest phase of the process was before we had a HAFA negotiator assigned.
I just started a B of A HAFA yesterday, I will update on that process.
I submitted an Aurora HAFA short sale on 10/1/2010. When I called today for an update I got a recorded message stating that all required paperwork has been received and to call back on November 13, 2010 for an update. I will also update on this short sale as it progresses.
Kynse Agles CDPE (239)560-6587
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