Is there anyone who is in the midst of a HAFA Short Sale? Please share your stories. I am working on a HAFA Short Sale right now through Wells Fargo and I must say that up to this point it has gone without a hitch. I have also just received some email communication from the negotiator, updates to the file are happening quickly and we have received a counter offer on the Purchase Contract that was submitted. I do expect the final "pre-approved" price, terms and conditions within about 2 weeks. All of this has occurred in the last 3 weeks. Let's keep track of these HAFA Short Sales.
Elise Fay, Realtor
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Hi,
I'm a buyer, trying to purchase a HAFA thru BoA. Being the buyer (and without 3rd party Auth), I'm kind of left oout of the loop, and finding out info is like pulling teeth. I submitted an offer on a house May 7, owner accepted May 13, and sent in to the bank. June 1 a negotiator was assigned. June 17-22 SS converted to a HAFA. From what I understand, it's now in "underwriting".. and at this point beyond the 10-day guideline. Anyone know what the next step is, and how much longer before I might know when I can (hopefully) get an approval letter? The waiting is driving me NUTS !! NOTE: I am the 2nd perspective buyer, and have offered in excess of the previously approved price. Shouldn't the process be going faster?
Hi,
I'm a buyer, trying to purchase a HAFA thru BoA. Being the buyer (and without 3rd party Auth), I'm kind of left oout of the loop, and finding out info is like pulling teeth. I submitted an offer on a house May 7, owner accepted May 13, and sent in to the bank. June 1 a negotiator was assigned. June 17-22 SS converted to a HAFA. From what I understand, it's now in "underwriting".. and at this point beyond the 10-day guideline. Anyone know what the next step is, and how much longer before I might know when I can (hopefully) get an approval letter? The waiting is driving me NUTS !! NOTE: I am the 2nd perspective buyer, and have offered in excess of the previously approved price. Shouldn't the process be going faster?
Here's my experience with a BofA and HAFA short sale (I represent the buyer and only one loan with lender).
Started out as a short sale through Equator for about 4 weeks. Then it was switched over to HAFA and was in that department for another 9 weeks. Listing agent says it was HAFA approved so now back over to the Short Sale Department. The bank's gives a new timeline of 6 weeks now before approval. We will see! I'm at least reading where some are getting HAFA approval, but I have yet to see or read where anyone has actually CLOSED one of these yet. Know of anyone?
The way this process worked, it wouldn't surprise me. I think HAFA is worse than a traditional BAC short sale.
I closed mine Thursday. LRC and BAC fought back and forth constantly about who was supposed to what, where, when and how. Short sale customer service reps were clueless and constantly gave us wrong info. The only way to get anything done was to have the customer service rep put us on hold demand that they physically track down our negotiators boss (BTW, we went through three or four BAC negotiators and at least three LRC negotiators before it was all said and done). We finally got our approval letter after about 10 weeks of wrangling, but never got any of the typical closing tasks you'd normally get in a short sale through Equator. We said the hell with it since we had the letter and just closed anyway. I emailed the certified HUD and assignment of insurance proceeds to the negotiator and uploaded them into Equator using the library function. LRC claimed we were one of the first in the country to actually get an approval. The way this process worked, it wouldn't surprise me. I think HAFA is worse than a traditional BAC short sale.
Terri Adams-Scott said:Here's my experience with a BofA and HAFA short sale (I represent the buyer and only one loan with lender).
Started out as a short sale through Equator for about 4 weeks. Then it was switched over to HAFA and was in that department for another 9 weeks. Listing agent says it was HAFA approved so now back over to the Short Sale Department. The bank's gives a new timeline of 6 weeks now before approval. We will see! I'm at least reading where some are getting HAFA approval, but I have yet to see or read where anyone has actually CLOSED one of these yet. Know of anyone?
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