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FHA loan

Posted by RoJane Maybee on February 10, 2014 at 11:30am in Short Sale Discussions

Could anyone tell me how long I can expect to close after the ATP has been issued and signed by the homeowner???  I need this to close in the next 10 days, but when I talked to them today, they said they were just submitting for the ATP.  Any thoughts?

Thanks!

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Replies

  • Wayne Brooks February 11, 2014 at 8:12am
    Agree. If they're just submitting the ATP, you won't be closing in the next 10 days.
    • Drew Ludlow > Wayne Brooks February 13, 2014 at 11:06am

      Just went through this.... Our BPO variance took about 4 extra weeks.  Once the variance came back, the ATP was issued about another 10 days afterwards.  Once you have the ATP signed and resubmitted back to the lender, that will trigger some more tasks (provided you are in Equator).  Once those tasks are complete, you can submit the offer.

      If the net proceeds are within FHA/HUD guidelines, you should expect the 'negotiation' within about 5 days.  Then provided that goes smoothly, you've got another 5-10 days til you get the approval.

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