In almost 10 years of short sales, this is my first opportunity doing one with Ocwen. WF and BoA seem to service 95% of the loans in my area.
From what I am reading and from what the Ocwen rep told me, under no circumstances with they review a file for HAFA unless a full package is received with an offer.
In every other short sale I have done, the SS can be initiated without an offer which will trigger a HAFA review, and if accepted, an appraisal and list price recommendation (or at least a min net).
Is this correct, and is there a way around this? Although HAFA has its short comings, it is much easier in my market to get a Buyer contract when I can advertise that it is 'pre-approved' or at least the list price is acceptable to the bank.
Any advice or comments? I know alot of you do not like HAFA, but for me, it helps with the marketing.
Tags:
Drew,
Ocwen is definitely a little more difficult to deal with then the typical lender... especially because you are usually dealing with someone who is not even located in the US (Off shore). There are specific offices that Ocwen has that are located in West Palm Beach FL, but many times it is difficult to get to them. From our experience in our office Ocwen does not usually work on the short sale until their is an offer on the table. You do however want to be careful that not too much time is wasted. Ocwen is not very forgiving when postponing sale dates although they have been getting better as of recently. If you would like we can try to reach out to one of our contacts in the West Palm Beach office and see if they can get us some more information for you. Dealing with the regular channels in Ocwen is no fun...
Call or Private Message me anytime.
Cheers!
Lyonel Katz
888-664-6561
Pre-Approved is a misnomer anyways. Many things can happen during the process that can upset the apple cart. This board is full of so called Pre-Approved Short Sales gone awry.
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