Bank Of America Enhancing Short Sale Route
From the very creation, shortsalepowerhour.com has spoken in relation to the outback mindset. The outback is a result oriented mindset to identify processes that don’t work and producing solutions for them. The majority of people in a short sale deal are devoted to saying I can or I can not do this based on what somebody else has told them.
We would like to talk about the HAFA program which rolled out April 5th. It was supposed to be a game altering process. The HAFA program, in my opinion, has been a huge catastrophe. That’s not to say that people haven’t qualified for HAFA, but the point is that the predefined qualification standards are a slap in the face. The whole idea has been missed because no one understands the process even though the information is out there.
So, sellers come to us and say, “Hey I heard i can get $3000″. That is the instigation for the program and it leads to an opportunity for an emotional circumstance and leads to more sufferers.
About a month ago, I was up in Scottsdale at a large event where Matt Vernon, Bank of America executive, chatted about short sales and the troubles that they have had with them. During the meeting he brought up HAFA and I laughed at him. I laughed because HAFA has been a total fiasco. Interestingly though, according to Matt Vernon, Bank of America has devoted themselves to generating their own program that is similar to HAFA to speed up the route and incentivize the home owner. The expectation is that the short sale process can be whittled down from 120-150 day short sale down to 60-90 days.
Two years ago, based on results, Coach Collard hated you guys at Bank of America. It is mind-boggling to see that you are talking about direction and you are making things happen. We appreciate the fact that you are candidly communicating with short sale agents. Stick to the outcome and make it happen.
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