Actually the HAFA Short Sale has to follow guidelines as far as the length of time it takes to complete a short sale, so this is better in terms of a short sale, because they must provide the seller and the buyer with timeframes.
A HAFA Short Sale is a Home Affordable Foreclosure Altenative, which means the current owner has an FHA mortgage.
I have attached a link to the document that gives you specifics about the program.
Cawley Realty Group
I am a trainer in the HAFA program and speak about it on average 4 to 5 times a month with hundreds of students in the room. I have found that although there was a slow start with only one or two agents in my classes who have had a successful HAFA short sale to now in the area of 7-10% of the students commenting that they have been successful with HAFA. It's all about education and understanding how it all works.
My short sale sellers went through HAFA....rather than expedite the process, we actually ran into more brick walls. Finally, because our buyers kept walking away because they got tired of waiting and my clients were aftraid to be foreclosed, they opted out of HAFA.
The bad thing is, all the paperwork we submitted needed to be resubmitted to the next group. The folks handling HAFA are in a totally dfferent company/division/department from the folks handling the usual short sales. So we ended up doubling the time and doubling the effort to get the short sales completed.
Not a HAFA fan....
That depends on the lender, the negotiator, the seller and the seller's agent. Ideally hafa short sales should take less time but keep in mind that they are still short sales and can be time consuming. I have recently received an approval to sell within 21 days from Bank of America and have another on it's 7th month.
If you are appropriately prepared and your documentation is submitted in a timely manner it will shorten the process.
Best of luck