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Kathy Colville's Blog

By Kathy Colville | Agent in Sterling, VA

HAFA Closing Success!

Well, we just closed our first HAFA short sale last week- woohoo!  From start to finish, we got a contract at the end of July, an approval letter in September, and closed in October.  The whole thing probably could have gone even more smoothly if Bank of America hadn’t screwed up and kept us in both their traditional short sale system and the HAFA system.  Still, that’s the fastest turnaround we’ve ever gotten from BOA, so success all around!  The buyer is thrilled, and the seller was able to walk away with $3,000 toward her relocation expenses.  Life is good.

Throughout this transaction, I have found BOA to be much more communicative and responsive than usual, which made life much easier on our end.  I definitely recommend attempting to get your sellers into HAFA whenever possible. 

Another of our short sales is set to close today, which is a huge relief.  We listed the property back in September 2009, and we’ve had contract after contract fall through, usually due to BOA’s lack of responsiveness, and more recently due to errors on their end.  One of these was that they refused to release the seller from future liability because he supposedly had a home equity line of credit.  In reality, the second lien was part of the purchase of the property, and there was no HELOC- but how long did it take the powers that be at BOA to work this out?  Anyway, I am very relieved that we are FINALLY closing that sale today! 

So, a very successful couple of weeks in short sale closings, at least on our end- stay tuned though, I have a short sale near-disaster story (our buyers!) to share with you soon.

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