Chase HAFA Short Sale

[Mike Welch]

I'm currently seeking to acquire a SFR through a short sale where Chase is the lender. The property is currently occupied by the owner and they've been pre-approved for the HAFA program.

Has anyone been involved in a Chase HAFA short sale?

Two questions:

1) List Price: Does Chase generally advise the LA on listing price, reductions based on DOM, etc? The LA claims price has done a BPO, but has not advised her of the appraised value.

2) Time Frame: My offer is accepted and signed by the seller. Offer along with HUD-1 has been sent to Chase. How long does Chase take to respond to these requests?

3) Current Owner Wants to Rent: The current owner has been in the property since 1994 and would like to stay on as a renter after the transaction closes. Does Chase prohibit this situation like BoA, or is this permissible?

I know many on this board are hesitant to work with HAFA due to the 90-day flip restriction. My goal is a long term hold, 20-30 years, so the 90 day restriction is not a deterrent.

These are principally the questions I have, but I'm also curious of any experiences other investors have on HAFA short sales. Did it go well and quickly, were there complications, etc.

Thank you in advance.

[Randy Smith]

Mike, No, Chase did not disclose the BPO in this case. My first offer was 110K. This was before the BPO. They came back with "offer must be much higher.." I have learned not to give away the farm, if possible, so my next offer was 115, and was accepted. Be pleasant, but hard-nosed. Persist. It pays.