A couple weeks ago at our GAD Institute, NAR President Vicki Cox-Golder discussed how she and Ron Phipps have been meeting with banking executives around the country in an effort to get some uniformity in short-sale practices and to find out what problems are preventing these large institutions from doing short-sales expeditiously in the best interest of our entire industry. They had met with B of A exec's just prior to her visit with us and said that in addition to B of A promising to work on the problems, they had also extracted a promise to reduce the time to transact a short sale by nearly half - from about 112 days to just 57 days. 

Well, I know we've all had smoke blown up our nether regions repeatedly by the big banks about releasing REO's,  loan mod's and short sales, (to name but a few) but maybe - just maybe, we are making some progress. Our leaders are meeting, or have met, with B of A, Chase, Wells Fargo and two more, who slip my mind right now. Maybe as a result of these meetings - or maybe just because they felt like it, both B of A and Chase have recently released guidelines that Realtors® will find  helpful to comply with each banks HAFA programs. 

Will they work and will the process be as easy-cheesy, lemon squeezy as they claim? Only your Realtor® will know for sure - but it's a start. 

Click here for the 10 page B of A 'Home Affordable Foreclosure Alternative (HAFA)  Short Sale Program & Guide for Agents

Or click here for a one page synopsis of Chase Bank Home Affordable Foreclosure Alternatives (HAFA) Program.

 
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6 Comments on BofA & Chase publish HAFA Guilines. Thanks NAR?

AUG
10
2010
207,933 Points 1 Featured Post Outside Blog Hit Router Attended Rain Camp Called Shot Master

Gene - Now if I didn't know better, I'd think you were a little "iffy" on the promises of big banks.  Unfortunately, no matter what happens, it's what we have to work with.  I'd like a little lemon-squeezy in my life - lemonade is my favorite!  Thanks for sharing and here's to a hopeful future in better timeframes for short sales!
7:22pm • #1
484,084 Points 59 Featured Posts Outside Blog Called Shot Master

LOL - Will they work and will the process be as easy-cheesy, lemon squeezy as they claim? Yes, indeed, it is a good start.
7:23pm • #2
356,437 Points 4 Featured Posts Attended Rain Camp

The only part that really worries me is that the big banks are not always the deciders. If they have investors they may be the ones making the decisions and it is not always in anyone's best interest except their own.
10:49pm • #3
AUG
11
2010
315,793 Points 2 Featured Posts Outside Blog

It would be amazing if someone could make the short sale process quicker and easier.  I'm all for changing the system.
9:15am • #4
223,809 Points 35 Featured Posts

A little 'iffy'? Naw, not me. I worked short sales last time around and, while not easy, were a walk in the park compatred to today's market. Not sure what went wrong and why they can't seem to figure it out but it's been 3+ years now and they're no easier than they were in 2008. Oh well, keep hoping I guess.
4:56pm • #5
223,809 Points 35 Featured Posts

A little 'iffy'? Naw, not me. I worked short sales last time around and, while not easy, were a walk in the park compatred to today's market. Not sure what went wrong and why they can't seem to figure it out but it's been 3+ years now and they're no easier than they were in 2008. Oh well, keep hoping I guess.
4:56pm • #6

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