Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 18, 2013 at 6:37am

What does the owner of the property want to do?  BofA is NOT the owner.  How much do they owe?  Is there a chance it may not be a short sale? 

Permalink Reply by Neil L. on September 18, 2013 at 6:47am

No, they owe 300k+.

I can convince the owner to do what I think is best.  HOWEVER, in order to qualify for HAFA we must conform to their rules of listing it in active status for the amount they require, right?

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 18, 2013 at 6:57am

So what if there was a bidding war and it reached $340,000 - would it be a short sale?  Would they care about the HAFA incentive if they got more than what HAFA provides? Just some thoughts -

I had a similar situation on a listing earlier this year - we had 5 offers of $200K+ on a property that was listed for $200K and worth that much.  The lender had us counter ALL of the offers at the lower amount of $150K - (Interesting a counter offer at LESS than the original offer)  What a mess!  We got 4 responses accepting the lender's counter and one that was over $200K (at FMV).  (The agents all thought I was nuts !)  The OWNER didn't care about HAFA and accepted the $200K offer because they wanted to do the "right thing".  The lender did not accept that offer (Owner Occupied / Cash) and denied the short sale.  The owner has friends in the legal profession and is suing.

I don't envy you.......

Best of luck

Permalink Reply by Neil L. on September 18, 2013 at 7:11am

Thanks for the input.  I anticipate that happening if I need to go forward with it.

I'm trying to determine if there is any way around listing it in active status for a week.  Perhaps if I have a contract right away.  Does anyone know?

Permalink Reply by joe beauchamp on September 18, 2013 at 7:58am

Thom, if it had been someone else, I'd say you were making that up. What a hoot!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 18, 2013 at 8:44am

That was a truly ridiculaous deal !

Permalink Reply by joe beauchamp on September 18, 2013 at 7:58am

There are at least 3 different HAFA's. Be careful assuming that you have a HAMP HAFA. BofA goes co-op a lot with obviously different rules, too. At least in some cases, the bank will insist that you list it for AT LEAST the amount that they state - usually a stupid demand because the bank wants too much.

This rule is to keep corrupt agents from grabbing properties below value. It appears that if this rule exists for your investor, it will do as intended - bring in a higher buyer thus maximize the return for the sale.

(Not familiar with CRM except a Customer Relations Manager - as for FHA, so maybe I'm missing something.)

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on September 18, 2013 at 8:24am

Neil, put it on the MLS & ask the seller what they want to do as far as showing the property for other offers. Then, seller may choose 1 offer and submit it to the short sale lender. At least it's not overpriced where you have to appeal the value with the bank. 

Permalink Reply by Neil L. on September 18, 2013 at 8:43am

Thanks everyone... I meant to say CVR and not CRM :)

Permalink Reply by ElizabethWeintraub00697006LyonRE on September 19, 2013 at 11:41am

This is not your standard HAFA, it is Fannie Mae, and if I had a seller with a Fannie Mae HAFA, why, that seller might elect to state succinctly in MLS that all offers will be viewed on a date 7 days from the date of entry, and the seller might also further stipulate that no offers are to be sent to the listing agent until said date and time. The seller might even be so bold as to suggest that the home will be sold at market value.