FHA Particiaption Approval - Short Sale Superstars2024-03-28T20:16:20Zhttp://shortsalesuperstars.com/forum/topics/fha-particiaption-approval?commentId=3468065%3AComment%3A237714&x=1&feed=yes&xn_auth=noI just closed a WFB FHA short…tag:shortsalesuperstars.com,2012-05-27:3468065:Comment:2377142012-05-27T14:32:24.124ZDawn Harmonhttp://shortsalesuperstars.com/profile/DawnHarmon
<p>I just closed a WFB FHA short sale last week......its was a doozie! It was 'saved' from foreclosure twice, once on the DAY OF the sale.......it had 2 valuations ordered, as the first was WAY out of line......the filehandler was subpar at best....VERY slow to respond. I finally contacted every Wells person I could and slammed the process verbally (something I rarely do)....suddenly the paperwork started moving again......after written approval was granted, I received TWO extensions to…</p>
<p>I just closed a WFB FHA short sale last week......its was a doozie! It was 'saved' from foreclosure twice, once on the DAY OF the sale.......it had 2 valuations ordered, as the first was WAY out of line......the filehandler was subpar at best....VERY slow to respond. I finally contacted every Wells person I could and slammed the process verbally (something I rarely do)....suddenly the paperwork started moving again......after written approval was granted, I received TWO extensions to close......it can happen, it does happen, it will happen....you just gotta make alot of noise to be heard.....BTW, the sellers received their seller incentive also!!</p>
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<p>Good Luck!</p> Is WFB Wells Fargo? In my exp…tag:shortsalesuperstars.com,2012-05-27:3468065:Comment:2375612012-05-27T13:47:40.376ZKelly Waltershttp://shortsalesuperstars.com/profile/KellyWalters
<p>Is WFB Wells Fargo? In my experience Wells Fargo will order a new FHA Appraisal every 4 months.</p>
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<p>If you've tried everything you can with the servicer and they are not working with you, contact the FHA National Servicing Center at 877-622-8525. Although the NSC will speak with a 3rd party (after authorization has been faxed), I have found faster results if the borrower contacts them instead.</p>
<p>Good luck!</p>
<p>Is WFB Wells Fargo? In my experience Wells Fargo will order a new FHA Appraisal every 4 months.</p>
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<p>If you've tried everything you can with the servicer and they are not working with you, contact the FHA National Servicing Center at 877-622-8525. Although the NSC will speak with a 3rd party (after authorization has been faxed), I have found faster results if the borrower contacts them instead.</p>
<p>Good luck!</p> Can you show solid reasoning…tag:shortsalesuperstars.com,2012-05-25:3468065:Comment:2372582012-05-25T01:32:08.497ZDrew Ludlowhttp://shortsalesuperstars.com/profile/DrewLudlow
<p>Can you show solid reasoning why or how the market has changed since their last valuation? I would take that approach. It isn't merely that your offer isn't good enough - it is that the market has changed and that is why your offer is not meeting their investor guidelines. And THAT is why they need to re-valuate.</p>
<p>I don't think it would be good enough for them simply to re-valuate because the BPO has run out. I think you have to convince them that the market is…</p>
<p>Can you show solid reasoning why or how the market has changed since their last valuation? I would take that approach. It isn't merely that your offer isn't good enough - it is that the market has changed and that is why your offer is not meeting their investor guidelines. And THAT is why they need to re-valuate.</p>
<p>I don't think it would be good enough for them simply to re-valuate because the BPO has run out. I think you have to convince them that the market is different.</p>
<p></p> I asked to escalate and was t…tag:shortsalesuperstars.com,2012-05-24:3468065:Comment:2372832012-05-24T19:51:17.018ZDac Coldenhttp://shortsalesuperstars.com/profile/DacColden
<p>I asked to escalate and was told that there is no escalation option at this point since it did not meet investor guidelines.</p>
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<p>I asked to escalate and was told that there is no escalation option at this point since it did not meet investor guidelines.</p>
<p></p> They definitely need to order…tag:shortsalesuperstars.com,2012-05-24:3468065:Comment:2372772012-05-24T17:56:33.474ZDrew Ludlowhttp://shortsalesuperstars.com/profile/DrewLudlow
<p>They definitely need to order a new appraisal. The FHA PreForeclosure SS guidelines specifically state that the appraisal is good for only 6 months. You need to escalate this file.</p>
<p>They definitely need to order a new appraisal. The FHA PreForeclosure SS guidelines specifically state that the appraisal is good for only 6 months. You need to escalate this file.</p>