HAFA short sale approvals are not created equal

I had the experience recently on a property with a HAFA short sale approval in place. My client put in his offer and within 72 hours we had the short sale lender approval! FAST. The seller’s loan, by the way, was through Wells Fargo.

Now I have another “HAFA approved short sale” listing – this time through Chase. We waited 2 months to get the price that HAFA would accept for the home. With that figure we put the home on the market and we got in contract in a little over a week. We waited 3 weeks to get a negotiator. The negotiator was assigned just finally and come to find out we have another 1-2 week wait for the final approval on the sale! Two problems – we were told after going into contract we should have our approval in 7-10 business days – not 4-5 weeks by current estimated timelines. We were assured that it was a fast process once the contract was received. And the 2nd problem – Chase says the current 1-2 week wait is for investor approval. But wait Chase is the investor! I questioned the negotiator and she said well yes that is true – Chase is the investor but they are in another department.

No wonder things are so slow. I cannot wait for them to put timely processes in place so we can get more sales closed in a timely fashion. The sellers just need to be able to move on.

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