I just sent a HAFA request together with an offer to Chase for some clients. Chase denied the relocation allowance of $3000 because they claim that under HAFA, if you already have an offer, they will do the short sale but won't give you any money to relocate. The clients are "dead broke", and without the relocation allowance, they won't sell... they will just fight the foreclosure and wait it out as long as possible. Does anyone have any ideas/suggestions? Should we withdraw this offer, and try again in a couple of months, look for a new buyer, etc.? If we do this, would the same happen when we bring in a new contract?
Thanks for your input...
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When doing my last Chase HAFA short sale, I was very upfront with the Negotiator, the processor and anyone I could ever speak to. I told them my client has a bankruptcy and is not concerned about the benefits of a short sale outside of the relocation allowance. Without the incentive, my client would prefer to stay in the house as long as possible to save up that same money. I just kept asking for their help. We finally got it. Thankfully.
I had this house listed for close to a year with only 4 showings. (pretty rural area) I will say, that within a couple of days of getting our offer, I received an awesome back up offer. Don't ever give up!
Hi Mesare,
That does not jive with what I know to be true.
We just closed a HAFA-Chase w/GreenTree 2nd last Thursday. We already had the offer at the time it was submitted AND Chase allowed the full $3,000 Relocation Incentive in the deal. They also alowed $5,000 in buyer subsidy and $6,000 to GreenTree/2nd Trust.
I would try to get to a Chase supervisor, pronto-mundo! Personally, I think Chase is one of the best loss mitigation groups to deal with.
Best of luck!
Clay