I just received a contract on my listing that is going short sale and is a USDA Rural Development. Upon trying to present the contract, I was told that the buyer must provide a current appraisal and the contract price is to be same the amount as the appraisal. This is my first short sale with this type of loan. If you have had experience working one of these is this really the way they do it? Any advise would be greatly appreciated.
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
Wow, I never had this happen either. I would investigate further, perhaps the person assigned to the file is confused. Ask
to talk to their supervisor
Just received a Short Sale Approval from Chase on a USDA Loan about a week ago. No Appraisal required.
EARNESTINE JONES
GUARANTEED LOAN SR.SPECIALIST
LOSS MITIGATION SECTION-RHS
U.S. DEPARTMENT OF AGRICULTURE
4300 GOODFELLOW, BLDG 105E MAIL CODE FC-225
PH-1866-550-5887 EXT 26532 DIRECT 314-457-5607
FAX 1-314-457-4466 OR 1314-457-4467
E-MAIL earnestine.jones@stl.usda.gov
I have closed many USDA sales and never had to order an appraisal... BofA was the servicer on all of them.
MaryJo - I've done several Ginnie Mae USDA short sales (they call them pre foreclosure sales), where that was not the case. Is the short sale lender telling you that? Who is it? Perhaps someone else can pipe in.