I cant get either party to agree. The condo association on this FHA property agreed to $3705.17, which is a difference of $2205.17. The bank has not yet approved the short sale as they are waiting for the approval of the terms from the condo association, which has not put them in writing. The bank wants $1000 minus the appraised value of $215,000. They want to net $189,200. It started at $205,000. It's now at $189,900. Is there any way to get extra funds from the bank of FHA to pay the difference? Is there a way to get the bank to come down off their initial asking price? This has been going on since November. The bank is SunWest Mortgage.
Any suggestions are appreciated.
PFS is a 3 tier program. 88% NET, 86%, 84% off appraised value. ( read ATP )
I believe HUD will pay 1,500 to subordinate liens max. Parties will need to contribute to close gap. if exceeding 88% tier relocation incentive my be approved and that can be contributed too.
Thanks for your response.