Can anybody provide an escalation contact at FHA? Since we received the ATP and minimum net of $264K (our purchase price is $300K), the well at subject property tested dry, and there is no other water source. Buyer is willing to stay in but at a purchase price of $250,000. Remarketing this property would likely yield $180K at the very most, and would not be financeable without water. I need someone who will listen to reason. Please help if you can! Thanks!
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I spoke to HUD today and got what I hope is good advice. Please chime in if you will. I was told that we will need to resubmit the short sale package to Wells Fargo in order to reapply for loss mitigation which will trigger them to order a new appraisal. The good thing is I now have a name and number of someone at HUD who is interested in helping, and she has said to call her if I get resistance from Wells Fargo.
This may be not possible, but I believe the seller is entitled to a copy of the appraisal for an FHA short sale. Why don't you get a copy, call the appraiser and have him recertify and send in the appraisal with the new info about the well?
Bryant correct me if I'm wrong. I have in the back of my mind FHA short sale sellers can get a copy of their appraisals, although I've never attempted it. FHA short sales are only about 15-18% of our overall short sale business.
Smitty, a short sale negotiator I work with says that the seller is not entitled to a copy of the appraisal. Thanks for your input...I really appreciate all the ideas!
portal.hud.gov/hudportal/documents/huddoc?id=DOC...doc
I think you need a new short sale negotiator. I don't believe that information is accurate at all. Please see the HUD link attached and scroll to page 8
FHA National Servicing Center
(877) 622-8525 Customer Service
(469) 674-4451 Fax
customerservice@deval.us
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
National Servicing Center: