Good GMAC experience..
Just closed a Short Sale (HAFA) with GMAC. It was actually a relatively smooth experience so thought I'd share. Closer: Bryan Stanford was fantastic. Two loans. 1st with GMAC, 2nd (HELOC) also with GMAC. Accepted $2,113 on the HELOC and released both loans via HAFA plus paid my destitute Sellers $3,000 at COE. Did NOT pre-approve with HAFA for a pre-list sales price. That's a disaster so far for me..just delays my HAFA short sales due to over-pricing.
Did provide the ARASS after it was assigned to a negotiator. They did not even counter..accepted the offer which was solid with the comparables in the area. This is in Thousand Palms, California. Not many HAFA's getting done..but I'd do another with GMAC!
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Congratulations, Kimberley. Questions: Even thoug the price was not pre-approved, was your seller pre-approved? How long did your process take? Did you submit through Equator? Did the junior lien waive the deficiency?
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Permalink Reply by Kimberley Kelly on
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Hi Wendy: The Seller was "pre-approved" if you mean that I began reminding them every single message on equator from the start that my Seller wanted HAFA. They ran the HAFA qualifications alongside the standard approval. When we got standard ss approval, I reminded them about HAFA. The closer then went to the HAFA dept. and got their approval with an ARASS and HUD-1 that matched it. Took 4 months start to finish..yes, I did submit through Equator. Yes, the Jr. Lien waived (it was a HELOC). In HAFA, they have to, but I was still surprised. I know it was due to a terrific closer..it always is dependent upon the knowledge of the closer, right??? Seller is very happy..took me out for dinner!
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Permalink Reply by Brenda L Wood on
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Thanks for sharing Kimberley. I have a similiar situation with 1st and HELOC with GMAC. Seller would like to go through HAFA. I am of the same mind about HAFA and setting pre-list price. I've listed but no offers yet. Did you use a HAFA Authorization form when you initiated and did you start Equator before you had an offer or did you initiate request once you had the offer? Thanks for your advice!
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