HAFA Automated Short Sales, Are you Kidding Me?

[bankofame]

This would be a great program if banks actually participated in it. We have been working with bank of America on a short sale for a year now and now we have been waiting fro a response from the negotiator for three months and this included two lafa escalations @shortsalesbank2010

[AllianceShortSales]

@bankofame I agree. It is challenging for sellers to qualify for the program. I have been saying all along that it is more of a PR blitz for the feds and big banks. My most recent video talks about the challenges we are finding in getting people approved in the program. Good luck on your short sales.

[principles101]

They, in turn, agree to pass off the clients that don't qualify for a loan modification to you to do a short sale on their property. Some of this activity is going on under the table. The key to all of this is having built a trusting relationship with the mortgage banker associated with these banks. I think you're getting the idea.

[principles101]

According to Wells Fargo and Wacovia, they then qualify for a short sale. Supposedly, the short sale can get done in 47 days after receiving a bona fide offer on the property. They are bringing a short sale team to the Las Vegas area to accommodate agents in these short sale transactions.

[principles101]

I was invited to attend a HAFA info seminar in Las Vegas with Wells Fargo and Wacovia. The mortgage lenders invite agents to attend that give them business. What we are being told is that one of the requirements of qualifying for HAFA is the homeowner must apply for a loan modification. If they don't qualify for a loan modification, then they are passed off to a "preferred" agent to list their property as a short sale.

[AllianceShortSales]

@principles101 That sounds like what I am hearing regarding the need to do a modification. I have not heard about them passing the seller off to a "preferred" agent to list the home. That would be really cool. Did you actually go to the Wells Fargo seminar yet? If so I am interested to know more about what they are doing.

[principles101]

@AllianceShortSales Yes, I've attended 2 of these thus far. It's all about connections; what's new! We have a connection with a mortgage lender within Wells Fargo as do many other agents in our community. These individual mortgage lenders privately invite agents that do business with them to these seminars. It's invited guests only. So you must make a connection with a Wells Fargo or Wacovia mortgage banker first and make a deal with them to give them your business.