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Bank Of America Enhancing Short Sale Method
By Vic Hurlstorm | August 24, 2010
From the very creation, shortsalepowerhour.com has spoken in relation to the outback mindset. The outback is a result oriented mindset to identify processes that don’t work and creating solutions for them. Most people in a short sale deal are devoted to saying I can or I can not 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 rumored to be a game changing course. The HAFA program, in my judgment, has been a massive 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 nobody 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 initiation for the program and it creates an opportunity for an emotional circumstance and creates more sufferers.
About a month ago, I was up in Scottsdale at a big event where Matt Vernon, Bank of America official, talked about short sales and the troubles that they have had with them. During the gathering he brought up HAFA and I laughed at him. I laughed because HAFA has been a complete disappointment. Interestingly though, according to Matt Vernon, Bank of America has devoted themselves to creating their own course that is similar to HAFA to speed up the route and incentivize the home owner. The expectation is that the short sale route 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 amazing to see that you are talking about leadership and you are making things happen. We appreciate the fact that you are honestly communicating with short sale professionals. Stick to the results and make it happen.
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