Comment

Comment by Bill Iannelli on March 31, 2011 at 5:25pm

B of A wants me to upload the  RASS/ARASS:  form with contract.  I found the form.  Do I fill out or homeowner?  Stupid question but this the first time I have heard of this form.

Comment by Patsy Clevenger on March 28, 2011 at 9:41am

Jim I had the exact same situation with a client and I've been fighting tooth and nail to get AMS to process my paperwork.  The offer I have is at $115 and the value that they gave me to list is $125 and they are working with the $115 offer that was submitted.  As long as the property is priced well you should be good.  Good Luck!

 

Comment by Jim Stewart on March 28, 2011 at 9:22am

I have a dilemma! Just took a new short sale listing today.  She qualifies for HAFA but my experience with HAFA has been very poor so far.  Poor service, poor communication long turn-times, inflated asking price from poor appraisal, etc.  I think a traditional short sale would be much quicker and easier on this deal. However the seller is elderly and she could really use the $3000 move-out money.  BUT, what good is the promise of move-out money if you can't get the deal closed in the first place???  What would you do??  Thoughts from the superstars??

Comment by Wendy Rulnick on March 28, 2011 at 1:23am

Ali - Seller probably will have to pay "something".  Pick up the phone - call the negotiator to discuss.  Have the SELLER call the negotiator.  Sometimes a more thorough hardship letter, one specifically addressing the homeowners lack of available funds will help.  Ask if the negotiator would present that to the investor.

 

Comment by Alec Javan on March 27, 2011 at 6:48pm

 

With a Short sale price of $155,000.00 and back HOA fess of $9000.00 BofA is asking for the seller to contribute 10K. Buyer is willing to pay the HOA fees. Seller is not in a position to pay any money to close this file. How would I negotiate with the bank.

 

 

Thanks,

Comment by Mellissa Young-Ramirez on March 27, 2011 at 5:48pm

Maya, that doesn't surprise me, it's happened to me too

Comment by Maya Thomas on March 27, 2011 at 6:56am

Listing agent called to say our short sale was approved and that she would email the approval letter. Before she could forward the approval letter she gets a decline letter. Then she calls back to say she just emailed a BoA decline letter. Resubmitting offer.

Comment by Dean Ouellette on March 24, 2011 at 4:14pm

I dont understand how you are all having so many problems with HAFA. When you do the short sale listing, explain to your seller the dangers of doing a short sale and the realistic possibility it will delay it and that only 661 were approved in the whole country in the first 10 months and I have had every single listing opt out of hafa. I tell them the pros (possible up to 3k) and cons (setbacks and setting price issues) and they always opt out. I have had no HAFA issues.

Comment by Dianne Slutsky on March 24, 2011 at 3:47pm

I am in CA and twice this happened to us in the middle of a short sale. I was able to reverse the foreclosure - it took a month - on one of them, and the Buyer was able to close on the short sale.  It is my understanding that if it is sold at auction, they won't reverse the foreclosure.  It sounds like your client needs help from an attorney or should at least join a class action law suit. This HAFA program is now interfering with several of my short sales since BofA claims they are separate from BofA.  I have had to cancel several Buyer offers out of Equator and then restart them.  When will they ever get this mess straightened out??

Comment by Isaac Ramirez on March 24, 2011 at 3:23pm

thank you

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