Bank of America will not accept HAFA short sale submission with an offer. What?

I represent the buyer in a short sale. The first and second belong to BofA. The listing agent is using lawyers to process the short sales. She just called me and told me that the lawyers told her that they cannot accept the documentations for the short sale with an offer. What they are saying is that they have to approve the short sale before an offer is accepted.So now, they are thinking of submitting it as a traditional short sale.

Anybody has an idea what is going on?

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Permalink Reply by Bryant Tutas on August 1, 2011 at 5:43am
You can submit for HAFA with or without a contract. The short sale does not need to be approved first. It's much easier submitting WITH a contract.
Permalink Reply by MESARE DONDA on August 1, 2011 at 12:15pm
I had a short sale with Chase where they didn't approve the HAFA because we submitted the offer at the same time as the SS request.  It turned out that FREDDIE MAC was the investor, and with FREDDIE, you must first request the HAFA SS (with no offer) to be considered for the SS!  So I guess the attorneys are being cautious, in case the investor is FREDDIE.  Actually, as a result of that experience, if I want to do a HAFA, I now submit the SS request, and don't send an offer until that is in the works... Better to be safe than sorry...

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