The Bank of America HAFA Short Sale That Just Won't Close

By
Real Estate Agent with RE/MAX Gold DRE #00697006

bank of america hafa short sale sacramentoMost of my short sales do not go on for years. They don't even go on for months and months. The bulk of my short sales, even those short sales at Bank of America, tend to close within a reasonable period of time. I've closed HAFA short sales in 3 or 4 months, and some of the Freddie Mac HAFAs much faster than that. But when I'm looking at a Bank of America HAFA short sale, it just doesn't happen that way. Part of the problem is the fact Bank of America has outsourced its HAFA short sales to third-party vendors, even though it says it's trying to bring them inhouse.

Read more about a Bank of America HAFA Short sale from this Sacramento short sale agent.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Home Selling
Location:
California Sacramento County Sacramento
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
Lyon Realtors
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Tags:
sacramento short sales
sacramento short sale agent
hafa short sale
bank of america hafa short sale

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Rainer
278,100
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

What!  Bank of America is doing something that slows things down!  I am truly shocked.

Aug 17, 2012 01:04 AM #1
Rainer
406,388
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

Right on Elizabeth.... the BOA HAFA programs are NOT what they try to imply.  Too often we have had to work those beyond 6 months with their stupid process.  There is NO reason to put such short time frames on the deadline dates, and they would be better off to expand those to 6 months, like an appraisal.  Forcing our files to START ALL OVER due to a loss of a buyer is plain POOR business!!

Aug 17, 2012 01:08 AM #2
Ambassador
1,976,058
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Bank of America deserves to be stripped of all their gold medals. .. for taking foreign enhancements and substances  that suck at providing good service. .

I got one for over a year and counting. . .the BUYERS WAITING for the approval. .had a baby and now they need an extra bedroom. .

Aug 17, 2012 01:18 AM #3
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I hear ya. Bank of America started over on this file on July 6. I went to the executive branch for help and it's still not approved. After it was already approved! There is simply no excuse. None.

Aug 17, 2012 01:36 AM #4
Ambassador
304,612
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

I find them interesting.  On Twitter, they are always touting their giving back programs and more and more of those are not local- shoot not even in this country.  And they are treating their short sales the same way.  Are those 3rd party companies even here in the states, or are they in some other country where you can't understand them when they talk?  (That's a whole other blog/story/rant.)

Aug 17, 2012 02:14 AM #5
Rainmaker
5,384,615
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

 

Thanks for sharing this information.  It is easy to see why many buyers want to avoid short sales.


Have a great day and a very special weekend.  Enjoy the days of summer with your camera in hand.

 

Aug 17, 2012 02:24 AM #6
Ambassador
3,090,321
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I'm convinced I'll be retired before the BOA third party vendor cooperative short sale I have going right now will get it's approval letter.  And there will be another twenty HUD revisions in the meantime I'm sure.  

Aug 17, 2012 05:24 AM #7
Rainmaker
496,040
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

And if it's a BofA FHA short sale, it will take forever.

Aug 17, 2012 07:08 AM #8
Rainmaker
2,917,357
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth good things come your way when you follow the rules.  Others may get something by the higher ups from time to time but they will get caught.  Keep on doing what you do best, later.

Aug 17, 2012 07:51 PM #9
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I don't have high expectations for many short sales, and that's what keeps me from experiencing too much frustration. And yes, Jim, I hear you loud and clear on those FHA short sales. Whomever came up with that system should have their head examined. Oh, wait, it was HUD.

Aug 18, 2012 12:41 AM #10
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