Hi Everyone, I am working on a short sale with BofA (investor Fannie Mae).  There is a Cash Buyer with an offer about $15K+ above BPO value.  BofA is telling me that seller does not qualify for Fannie Mae HAFA because they have a foreclosure sale with 60 days.  I contacted the BofA Fannie Mae vendor and they are telling me they cannot qualify the seller because of the foreclosure sale date (even though seller is qualified with all other elegibility for HAFA) I don't get this...I though HAFA was supposed to help people avoid foreclosure and specially on a Fannie Mae loan (and HAFA being a government program!)  Mind you, there is nothing about the "60 Day" ineligibility on the BofA HAFA site or on the "Agent HAFA" pdf (see attachment) that states anything about this Fannie Mae (I had to dig deep into the Fannie Mae website to find a pdf for Servicers that stated this. Do you have any suggestions to go around this???

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I actually have 24 files and 21 are short sales, and I speak to all the lenders myself. I do not have a "team", I have to be hands on, due to the fact that not everyone knows what to say like I do. I am a full time SS Agent, I do not feel like I am wasting time. After all, what kind of disservice are you doing to your clients by hiring a short sale processor? I have a system, and I am doing pretty damn good if I might say so myself and I even take off on Fridays! Maybe that's why people are getting pissed off with these "save your home" rescue teams who are really too overwhelmed to keep the homeowner's best interests in mind...I love short sales, I love feeling like I have made a difference. It is all in how you handle your business...I am on a 95% referral system that's how well I do.

joe beauchamp said:
I guess I'm missing something. I do not sell or show houses. I process short sales all day. It's fine that realtors want to waste time on the phone doing short sales, it isn't efficient and not what they like to do - make money buying and selling houses. You can't do both full time and whatever you do part time can't be done as well as you do it full time. I assume most people in these forums are part time - they sell houses, enjoy that and can't spend all day on the phone pushing the banks to work the short sales. I hadn't thought that there are really many full time short sale processors out here. Are you saying most of the people in these forums do not buy and sell houses but spend all day dealing with the banks for short sales? The sort of questions that I see certainly doesn't imply that - seem to be from people who rarely see a short sale. Hadn't thought of the possibility, so I could be wrong...

Elise Fay said:
Are there any "part time" agents negotiating short sales? That sounds like an oxymoron to me? It is a full time job and we know that all too well.
Aneetra

I operate the exact same way as you and I couldn't have said it any better myself!!

Thank you

Elise
Aneetra, that's interesting that you make it work. I still assume that even you don't think you are doing the same as 95 - 99% of the other realtors out there doing short sales, or do you? Are you making my point for me? Aren't you a tad unusual?

I would like to learn what you do and how. Since I don't care for the realtor side of things, I wouldn't be using it, but I like to study related areas where there is success, as you are getting.

On the other hand, you say you have a "team". Uh, who sits on the phone trying to get info from reps and get around braindead negotiators all day? I'm guessing you are out marketing and your team is doing that side of things. If so, well, that is pretty much my point.

Specialization in what you like to do usually pays off much better, especially with all the things you have to learn and do and take time doing when dealing with banks for short sales. Or do you actually feel that any realtor is better off taking his time talking to the banks to do short sales than having someone else do it? As you can guess, I certainly do not think that pays off monetarily or satisfactorily...
I have had similar situations not just with B of A but other lenders as well. I haven't had a client yet who qualified. The lender always seems to have some guideline that disqualifies them. To me HAFA is nothing more than window dressing. The government and lenders stand up and say, hey look at what we are doing to help everyone.

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