I have a short sale with a first (Chase) and a second (Chase) that is HAFA approved. We've been listed at the HAFA approved price for 90 days with no offers. We're due for a new BPO, so I asked my negotiator to order a new valuation. She said that she couldn't order a new one because we were participating in HAFA, and that they wouldn't be able to reduce the price regardless until the 120 days were up. She said that our options were to withdraw from HAFA, order a new valuation and proceed as a normal short sale, or wait until the 120 days were up and possibly participate in the HAFA DIL program (I don't think so).
My question is this: is it true that you can't reduce the price from the initially approved price on a participating HAFA short sale? What are others experiencing on this issue?
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Jesse, I'm experiencing the same problem the B of A price from the BPO is WAY to high, in fact more than the seller paid for it it 2007. I've asked for a reduction several times, and they gave me a measly $4,000 reduction, but we've still only had 1 showing in 90 days. We're running out of time.
One agent advised me to just go ahead and reduce the price, without getting B of A approval. Has anyone done this before? What are the repercussions?
If this goes to deed-in-lieu, does the seller still get relocation assistance?
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