Bank Of America Enhancing Short Sale Method
From the very creation, shortsalepowerhour.com has spoken on the subject of the outback mindset. The outback is a answer oriented mindset to identify processes that don’t work and creating answers for them. Most people in a short sale transaction are committed to saying I can or I can’t 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 assumed to be a game changing program. The HAFA program, in my opinion, has been a gigantic letdown. That’s not to say that people have not qualified for HAFA, but the point is that the predefined requirement standards are a slap in the face. The whole idea has been missed because no one understands the program 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 creates an opportunity for an emotional situation and leads to more sufferers.
About a month ago, I was up in Scottsdale at a large event where Matt Vernon, Bank of America official, talked about short sales and the problems that they have had with them. During the session he brought up HAFA and I laughed at him. I laughed because HAFA has been a complete fiasco. Interestingly though, according to Matt Vernon, Bank of America has dedicated themselves to creating their own process that is comparable to HAFA to speed up the practice 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-blowing to see that you are talking about leadership and you are making things come about. We appreciate the fact that you are honestly communicating with short sale specialists. Stick to the outcome and make it happen.
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