B OF A shortsale rejecting sellers assist - Short Sale Superstars2024-03-29T00:30:08Zhttp://shortsalesuperstars.com/forum/topics/b-of-a-shortsale-rejecting-sellers-assist?commentId=3468065%3AComment%3A323460&x=1&feed=yes&xn_auth=nolender almost always approve…tag:shortsalesuperstars.com,2013-07-15:3468065:Comment:3234602013-07-15T19:00:12.880ZJoseph Alfehttp://shortsalesuperstars.com/profile/JosephAlfe
<p>lender almost always approve reasonable and customary closing cost credits, usually up to 3%. In FHA cases, it's limited to 1%, and only to a buyer who is financed through FHA.</p>
<p><a href="http://www.ssprocessors.com" target="_blank">www.ssprocessors.com</a></p>
<p>lender almost always approve reasonable and customary closing cost credits, usually up to 3%. In FHA cases, it's limited to 1%, and only to a buyer who is financed through FHA.</p>
<p><a href="http://www.ssprocessors.com" target="_blank">www.ssprocessors.com</a></p> I have gotten FHA short sales…tag:shortsalesuperstars.com,2013-07-15:3468065:Comment:3232592013-07-15T15:17:33.867ZHolly Jessophttp://shortsalesuperstars.com/profile/HollyJessop
<p>I have gotten FHA short sales approved with seller paying 3% of the closing costs for the buyer every time that I have had to ask for it, which has been a lot of times. Yes, the guidelines are 1%, but they send it in for a variance which takes a week or two extra, and then it is approved. The deal does have to net the bank the amount that they require and of course as some of the others have stated, your appraisal will have to come in for that higher amount.</p>
<p>I have gotten FHA short sales approved with seller paying 3% of the closing costs for the buyer every time that I have had to ask for it, which has been a lot of times. Yes, the guidelines are 1%, but they send it in for a variance which takes a week or two extra, and then it is approved. The deal does have to net the bank the amount that they require and of course as some of the others have stated, your appraisal will have to come in for that higher amount.</p> One more thing worth noting f…tag:shortsalesuperstars.com,2013-07-14:3468065:Comment:3231702013-07-14T13:00:12.960ZDiane Gishhttp://shortsalesuperstars.com/profile/DianeGish
<p>One more thing worth noting for potential buyers. If a buyer IS using FHA financing on an FHA short sale, understand FHA has already conducted an FHA appraisal on the subject property. Upon completion of the appraisal, they instruct the listing agent to list the property at that price. Therefore, you cannot add your closing costs on top of the sales price because doing so will EXCEED the appraisal that is on the home. Make sense?</p>
<p>Diane</p>
<p>One more thing worth noting for potential buyers. If a buyer IS using FHA financing on an FHA short sale, understand FHA has already conducted an FHA appraisal on the subject property. Upon completion of the appraisal, they instruct the listing agent to list the property at that price. Therefore, you cannot add your closing costs on top of the sales price because doing so will EXCEED the appraisal that is on the home. Make sense?</p>
<p>Diane</p> Once you review the FHA short…tag:shortsalesuperstars.com,2013-07-14:3468065:Comment:3231672013-07-14T12:53:32.772ZDiane Gishhttp://shortsalesuperstars.com/profile/DianeGish
<p>Once you review the FHA short sale guidelines that were provided by Brian, I suggest you forward them to the listing agent and your agent. Those guidelines are the "law of the land" on FHA short sales and they clearly state how the process works. It appears the listing and buyer agents are not aware of the guidelines or they would not have allowed the contract to proceed as written. FHA short sales have a definitive process that has to be followed. If possible, rewrite your contract in…</p>
<p>Once you review the FHA short sale guidelines that were provided by Brian, I suggest you forward them to the listing agent and your agent. Those guidelines are the "law of the land" on FHA short sales and they clearly state how the process works. It appears the listing and buyer agents are not aware of the guidelines or they would not have allowed the contract to proceed as written. FHA short sales have a definitive process that has to be followed. If possible, rewrite your contract in compliance with FHA rules and resubmit everything asap. If the guidelines do not work for your particular situation, void your contract and move on. By that I mean, if you cannot close the deal without the closing costs you need....move on.</p>
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<p>Also, have your agent confirm if the property is a pre-approved FHA short sale. If so, FHA has already stated in writing the conditions and price they will accept and they will not deviate from that pre-approval.</p>
<p>Good Luck,</p>
<p>Diane</p> Ron good point, I see agents…tag:shortsalesuperstars.com,2013-07-13:3468065:Comment:3231382013-07-13T13:08:36.434ZJeff Paynehttp://shortsalesuperstars.com/profile/JeffPayne
<p>Ron good point, I see agents try this often and it does not work. Raise the sales price by x amount and ask for that amount back in closing costs? in this case why in the world would the bank sell for 12K less or on the other hand how will this property appraise for 12K more?</p>
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<p>Ron good point, I see agents try this often and it does not work. Raise the sales price by x amount and ask for that amount back in closing costs? in this case why in the world would the bank sell for 12K less or on the other hand how will this property appraise for 12K more?</p>
<p></p> http://portal.hud.gov/hudport…tag:shortsalesuperstars.com,2013-07-13:3468065:Comment:3231312013-07-13T05:40:09.319ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p><a href="http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf" target="_blank">http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf</a></p>
<p><a href="http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf" target="_blank">http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf</a></p> Can anyone provide the link t…tag:shortsalesuperstars.com,2013-07-12:3468065:Comment:3231112013-07-12T20:27:27.552ZMike Fhttp://shortsalesuperstars.com/profile/MikeF
<p>Can anyone provide the link to the FHA Shortsale guidelines 2013 ? I can't find this anywhere. thanks</p>
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<p>Can anyone provide the link to the FHA Shortsale guidelines 2013 ? I can't find this anywhere. thanks</p>
<p></p> Thanks everyone. Which I had…tag:shortsalesuperstars.com,2013-07-12:3468065:Comment:3230612013-07-12T20:23:24.147ZMike Fhttp://shortsalesuperstars.com/profile/MikeF
<p>Thanks everyone. Which I had a copy of these guidelines.</p>
<p>I am getting a conventional loan with 0 points. </p>
<p>The taxes are $5,600/year.</p>
<p>I dont understand why its any of FHA's business what kind of loan I have. An FHA loan would increase my payment almost $300/month. That is useless to me. FHA is a joke.</p>
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<p>Thanks everyone. Which I had a copy of these guidelines.</p>
<p>I am getting a conventional loan with 0 points. </p>
<p>The taxes are $5,600/year.</p>
<p>I dont understand why its any of FHA's business what kind of loan I have. An FHA loan would increase my payment almost $300/month. That is useless to me. FHA is a joke.</p>
<p></p> BTW if your closing costs are…tag:shortsalesuperstars.com,2013-07-12:3468065:Comment:3230602013-07-12T19:56:58.798ZJeff Paynehttp://shortsalesuperstars.com/profile/JeffPayne
<p>BTW if your closing costs are 12K you need to find a new lender fast</p>
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<p>BTW if your closing costs are 12K you need to find a new lender fast</p>
<p></p> You raised the price by 12K a…tag:shortsalesuperstars.com,2013-07-12:3468065:Comment:3230572013-07-12T19:56:06.307ZJeff Paynehttp://shortsalesuperstars.com/profile/JeffPayne
<p>You raised the price by 12K and are going to give 12 K back to the buyer? FHA will allow 1% IF the buyers are using FHA financing. How do you plan to get the house to appraise for the extra 12K?</p>
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<p>You raised the price by 12K and are going to give 12 K back to the buyer? FHA will allow 1% IF the buyers are using FHA financing. How do you plan to get the house to appraise for the extra 12K?</p>
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