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#389450 - 09/15/11 01:16 PM Short Sale and Follow Up
coldsteel2112 Offline
Junior Member

Registered: 09/15/11
Posts: 1
Loc: California
Here is the situation:

Jan 2011 I decide to short sell my home. Realtor gets an offer within several weeks and all the paperwork is submitted to BofA. Months pass and eventually they reject the short because they wanted me to contribute money. The Realtor says that he tried to convince them that I didnt have the money based upon my "situation", but they rejected anyway.

May 2011 we get a new offer and this time Realtor goes through the HAFA program. Again, all paperwork is submitted, and (from what he claims) BofA accepted the short, but now its up to the HAFA program to complete the process.

We are still waiting as of today. I've been told about half a dozen times since August that "he should be getting an answer in a few weeks" to "he should be getting an answer in a few days". He tells me that he will call me either way, but he has never followed up on calls. In fact, he said he would call on Sat as last week he was going to get an answer, never did. I called him on Monday, left message, never called back.

I'm hoping for the best, but fearing the worst now. I have no proof that he's doing what he says he's doing. I do have the signed offers by the buyers, so I know something is going on, but I just don't have any real assurance that anything is getting done.

So, what can I do? I don't want to make a huge deal because I know how much time this can take. But is there anything I can ask him to produce to show me that everything's been submitted and "in the works"? Can I call HAFA or look up online somewhere to see something pending?

Really could use some guidance here. Thanks.

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#389504 - 09/15/11 11:35 PM Re: Short Sale and Follow Up [Re: coldsteel2112]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2130
Loc: United States
If it is a B of A short sale, the various tasks, contract submissions and most of the interactions take place in a program called Equator. Often, the home seller is involved in that as is the agent. I guess if you are wondering if he is doing anything, you could ask him about Equator access. I do know that the B of A short sales I do are lengthy and can take months. But, if you want to see what he/she is doing/not doing, tell them you would like to be in the loop and ask for Equator access.

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#389800 - 09/19/11 05:22 PM Re: Short Sale and Follow Up [Re: coldsteel2112]
zpcsc Offline
Veteran Member

Registered: 08/29/05
Posts: 751
Loc: Florida
You can contact BofA Short Sale department and ask the status. You are still the homeowner and do have access to check. Even though it's taking a long time you should be kept informed.

Good Luck.

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#393173 - 10/26/11 09:27 PM Re: Short Sale and Follow Up [Re: zpcsc]
minna Offline
Member

Registered: 12/04/08
Posts: 299
Loc: USA
This is likely not your agents fault. This is the reality of HAFA. HAFA is a nightmare government program that will suck up months and months and months of time as they do next to nothing with their godawful red tape program. This is exactly why I encourage all my sellers to steer clear of HAFA. Its a nightmare and rarely produces a closing.
You want results?
Opt out of HAFA and go with a traditional BofA short sale and get an answer in 4-5 weeks.

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