I just closed today on a Short Sale here in Coral Springs in the community of Wyndham Lakes in Coral Springs. I actually received two approvals with the same Buyer. How did that happen, you wonder? It happens when you start out with a Traditional Short Sale and changed mid stream to a HAFA Short Sale. It seems so odd to say "Traditional" Short Sale as just a few years ago what is so "Traditional" about a Short Sale? This just shows you where the Real Estate industry has evolved.
We started out with the Short Sale at the end of February and received the first approval mid April for a Traditional Short Sale. However, this was when all the hype of the HAFA Short Sale came out promising monies to Seller, no deficiencies and 10 days for approval. My Seller wanted the benefits. Oh my, all was right on except the 10 days. Everybody thought it would only take 10 days. The HAFA Short Sale took longer than the Traditional Short Sale to get approved; over 90 days in fact.
The HAFA with Bank of America promised since April that "the letter" was coming, "the letter" was coming. Nobody even knew what letter was coming. Well, with HAFA, you've got two letters to come;
- The first letter indicates that you've been approved to be considered for a HAFA Short Sale to reap all the benefits.
- The second letter is the actual written approval letter that will take you to closing.
Bank of America outsources their HAFA Short Sales to a vendor and oh, talk about being in the dark. Perhaps it was just because of the "newness" of the HAFA Short Sale; I'll give them that as they were trying to figure out what it was that the govt laid out as far as the guidelines. They, the Govt, even try to buck the age of technology and indicate that the letters must go Pony Express; I mean, really, in this age of email, texting and the likes why would anyone set up a program requiring the mailing of letters?!
What really frustrated me however, is that there are so many in positions of authority who really didn't care. You may know me in my Short Sales that I really persevere when it comes to getting Short Sales to closing and I will keep going until I find someone who sees the light and gets answers. I finally came across management at Bank of America who were a joy! Yes a joy....they valued customers, were customer advocates and within one day I received a response indicating that they would resolve and that day I had a written approval letter. This is what I'm talking about.
So now that I've experienced a HAFA Short Sale closing, I'm hoping for the next one to be a walk in the park! I will always try to remain optimistic! How about you?
The more you know, the better prepared, the better the outcome.
Whether you're Selling your home in Coral Springs or Buying your home in Coral Springs or other Southeast Florida cities from Boca Raton south to Miramar, I promise to be on your side working hard for you as your Coral Springs Realtor and South Florida Realor. Helping homeowners with Coral Springs Real Estate and the Real Estate in surrounding cities such as Coral Springs, Coconut Creek, Parkland, Plantation, Pembroke Pines, Margate, Miramar, Tamarac and Sunrise in Broward county to the cities of Boca Raton, Delray Beach and Boynton Beach in Palm Beach county.
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