Without the offer, the bpo value often comes higher (as offers are indicative of the market value, to some extend, too). Then, you have to match that higher bpo (or be in the "bulls eye" area) - which is not always that simple. Buyers don't want to overpay...
Regular short sale BOA's style has been streamlined, and yes, it should work pretty well now.
No particular "value" on HAFA anymore (it used to be more time-efficient).
Hope this helps,
Beachfront Realty, Inc.
CA DRE 01338444
This is a very good question. Currently, there is a path to resolution with defaults. The banks have agreements with GSE's (Fannie, Freddie, etc.) , and sometimes in response to lawsuit settlements that have created their rules and procedures for helping their customers avoid foreclosure. Sometimes these require a borrower to exhaust one remedy before going to the next. For example, a borrower may be required to apply for HAFA, and be turned down before they can be offered a cooperative short sale. Your client can "opt out", however, they require the client to tell them that personally, and they have to have a call with the client so they can be certain that it is the borrower's decision, not the agents.
It's always important to let the borrower (seller) make their own decisions. We provide information and guidance, but the seller, ultimately is taking the risk of foreclosure if the path to short sale doesn't work out, so they need to be fully informed, and active in the decision making process. I don't want to say, "just opt out of HAFA, it's easierâ€¦it's betterâ€¦ etc." . I want to say, "my experience with HAFA has been xyzâ€¦here's what you gain, here's what you risk" and let the client make their own choices. The truth is, I have had HAFA sales go so smoothly you wouldn't believe it - and the opposite. Same with cooperative sales. Every short sale is different - a different set of buyers, sellers, negotiators, investors, circumstancesâ€¦. no two sales will even be similar. Even within the same bankâ€¦EVEN with the same negotiator. If there is a good chance that the seller can receive some moving money with the short sale, such as with HAFA, I feel that it's worth some extra effort to help them achieve that, unless there are compelling reasons that HAFA isn't likely to work in that situation.