Ahhhhh, a successful BofA and HAFA Short Sale Closing!

By
Real Estate Agent with J. Rockcliff, REALTORS

For those sellers and buyers out there, never lose hope!  The process of a Short Sale weighs on everyone involved in the transaction.  All parties must be committed, responsive, and be blessed with patience!  

In this transaction, I represented the buyers.  We thought we were entering a standard BofA Short Sale through their Equator system.  As it progressed, the sellers opted to go through HAFA (Home Affordable Foreclosure Alternative Program) which was just in its infancy!  It was uncharted territory that very few had any experience with!  I spent many hours over at ShortSaleSuperStars.com which was extremely helpful and beneficial.  Although not all transactions will be the same, here's the time line we experienced:

April 22:  Seller accepted buyer's offer (WooHoo...multiple offers, but we came in with a clean, fair market price, all cash offer)

May 26 (5 weeks):  BofA countered to seller with minimal requests which seller accepted...(wow, short sales aren't as bad as they're hyped to be!)

May 27:  BofA offers HAFA to sellers and they accept.  Out of the Equator system it goes over to a separate HAFA department.  (thinking to self...okay, it's only suppose to take 10 days for approval...worth it so sellers can enjoy the HAFA benefits)

July 28 (9 weeks):  Get word that it was HAFA approved (NOTE...this is 9 WEEKS, not the 10 days!)  Now it goes back over to the BofA Short Sale Dept via Equator.

Aug. 30 (5 weeks):  Preliminary Acceptance and needs an updated HUD and Proof of Funds. (By the way BofA...you're welcome that I caught your typo error in which you were approving the offer for $20,000 less!)

Sept. 15 (2 weeks):  Finally got written approval from bank...buyer now proceeds with inspections.

Sept. 30 (2 weeks):  CELEBRATION...closed escrow! 

So, from the beginning to the close of escrow, the process took about 5 months.  From my experience, the HAFA program did not speed up or streamline the short sale process.  Of course, I was the Walnut Creek Short Sale Agent on the buyers side of it and not privy to full details between the sellers, bank and Equator file.  I'd be curious to hear from those of you who have gone through the HAFA program to see if you experienced a similar time line or not. 

Special thanks to my buyers for hanging in there.  It was worth the wait and will be a great home for this beautiful family...Congratulations!

Family Photo

Posted by

Connect with me...

twitter teardrop          ActiveRain teardrop         linkedIn teardrop         facebook teardrop         YouTube teardrop    wellcomemat badge 

 

I live, work and play in Walnut Creek, CA!  For Real Estate and community information about this beautiful city as well as the surrounding areas, please visit my website at www.TerriAdamsScott.com

Terri Adams-Scott, REALTOR®

DRE# 01397740

J. Rockcliff Realtors

1700 N. Main St., Walnut Creek, CA   94596

Comments (23)

Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Terri:  A very hearty congratulations for the successful closing.

Oct 01, 2010 05:29 PM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Doug - thank you! 

Oct 02, 2010 12:29 AM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Terri,

Congrats! Did the buyer get the $3,000 relocation assistance check?

Oct 02, 2010 03:22 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Dave - thanks for the comment and congrats.  Yes they did...even though I represented the buyer, I got a copy of the seller's closing statement and they got the full $3000.

Oct 02, 2010 03:50 AM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Terri, good to hear it! I'm working on several HAFA short sales and was wondering if it actually works.

Oct 02, 2010 04:02 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Dave - best of luck on your HAFA short sales.  Hopefully, they have it a bit more streamlined by now!

Oct 02, 2010 04:42 AM
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I dump almost every file I can into HAFA. It's been working pretty well, but the Bank of America HAFA short sales do take a little bit longer, maybe 2 weeks longer. I think the secret is staying on top of the file. Hammering it. Asking for updates. Responding quickly when a negotiator asks for a document.

Oct 12, 2010 05:49 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Elizabeth - I will be curious to see if the next HAFA round will go faster and smoother.  I remain hopeful!

Oct 12, 2010 06:14 AM
Anonymous
Chris Donavan

Terri,

Congratulations! It was very encouraging to hear of a successful BOA HAFA closing. I have already lost one cash offer on my home due to run arounds and delays by the Servicer (AMS Servicing). My documents seem to disappear as to records that I have phone in. I receive very little communication. In looking at various posts, it appears that there are numerous servicers. Would you mind sharing the contact information for the servicer who handled your transaction?  (I am the homeowner AND real estate agent.) Thank you.

Nov 17, 2010 05:22 PM
#12
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Chris - thanks for stopping by and sorry to hear of your frustration.  I would gladly share the servicers name, but I represented the buyers in this transaction and not privy to any contacts on the seller's side!  Wish I could help...sorry!  Have you checked out www.shortsalesuperstars.com?  If not, that is a great resource!

Nov 18, 2010 02:46 AM
TODD PICCONI 909.908.7376 HELPING YOU FIND HOME.
TODD PICCONI REAL ESTATE - Rancho Cucamonga, CA
Patient, Persistent and Passionate About Your Move

Terri,

So great to read about your SUCCESS and hope you've closed more since!

Keep up the great work!!

Nov 21, 2010 05:55 PM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Todd, thanks and continued success to you!

Nov 21, 2010 11:43 PM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Comment #18 is spam and has been reported. 

Nov 24, 2010 01:04 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

This is definitely something to be thankful for!

Happy Thanksgiving!

Nov 25, 2010 03:31 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Renee, how cute and thanks for the wishes!

Nov 26, 2010 05:23 AM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Congrats on getting to settlement -- short sales have really helped to thin the herd in our industry, haven't they?

Dec 07, 2010 02:01 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Tish - thanks for the comment and yes, every little bit helps!

Dec 07, 2010 04:25 AM
Rita Norman
Walnut Creek, CA
Your Agent in Walnut Creek CA

Terri: A really good read. I'm bookmarking it so I can refer back to it when I get frustrated. By the way. I also saw your cooment about deleting and reporting a Spam comment... didn't know how to handle these, now I do. Thanks

Dec 15, 2010 04:37 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Rita - thanks for stopping by and commenting.  Hopefully see you around the area!  Happy Holidays!

Dec 15, 2010 07:42 AM
Rita Norman
Walnut Creek, CA
Your Agent in Walnut Creek CA

Terri: Looking forward to closing a deal with you. ~Rita

Dec 15, 2010 07:53 AM