Replies to This Discussion

Permalink Reply by Karyl Moore on December 22, 2011 at 11:17am

I sent in an authorization to Wells because I had an offer on a listing.  Within a few days, I had a call from someone to schedule a BPO and a couple of days later received a call from someone with Wells asking for my email address.  She sent me HAFA forms and a letter stating, "For a pre-approved bank price, please provide the following documents."  When I told her the Sellers didn't want to use HAFA she told me to remove the HAFA related forms but still send the other ones to her. This just happened in the last week so that's all I can tell you.  I don't know if this will turn out to be a good thing or not.

Permalink Reply by Cami Pinsak on December 22, 2011 at 11:18am

I am currently doing one.  Its Wells Fargo Financial...And yes, they pre-approved and said they could review pricing every 30 days.

Permalink Reply by Andrew Arild on December 22, 2011 at 11:22am

Cami,

Are you certain that the loan was not one of the acquired world or wachovia portfolio loans? If it wasn't how did you go about requesting the pre-approval? Was it done prior to listing the property?

Any info on the department and contact that you used would be deeply appreciated.

Best,

Andrew

Permalink Reply by Cami Pinsak on December 22, 2011 at 11:29am

Hi Andrew - Yes, I'm sure it wasn't a Wachovia.  It was refied as a Wells Fargo Financial loan.  It is also a HAFA loan.  This division of WF is speedy and efficient!  I don't know if this is a sign of how all banks will be doing things in the future or if it is just this division of WF.

Permalink Reply by Andrew Arild on December 22, 2011 at 11:43am

Cami,

Thank you for the fast response. I suspect that HAFA has something to do with it being pre-approved. I have had HAFA short sales pre-approved but not non-HAFA.

I am researching in the hopes that there is an upcoming improvement in short sales in general with major lender/servicers. It seems like a pre-approval process with an agreed price range based on a BPO or appraisal would virtually eliminate the biggest down side to buyers in a short sale: the long wait. and allow them to close much more like a normal equity sale

Maybe we will get lucky in 2012.

Best,

Andrew

Permalink Reply by Pam Graham on December 30, 2011 at 8:31am

I did one with Wells Financial, not a HAFA and they did a preapproval up front. It was one of the best experiences I've had with short sales.

Permalink Reply by Tara Samney on December 31, 2011 at 5:10am

I would love for the BPOs to all be done upfront and quickly BUT with realistic numbers.  Unfortunately, every HAFA short sale pre-approval I have seen seems to be inflated.  It would save sooo much time if the BPOs could be done earlier. I had a preapproved WF before...but it was a FHA loan. The other 3 I had never gace that as an option.  Interesting.

Permalink Reply by Karyl Moore on December 22, 2011 at 12:01pm

Cami:  So yours was HAFA and it still went smoothly and quickly?  With other lenders, HAFA's I've worked on have ended up over-priced, haven't sold, and have been foreclosed. 

Permalink Reply by Cami Pinsak on December 22, 2011 at 12:02pm

Yes - believe me I was quite surprised.  Its been a nice change!