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.