Waiting for HUD to approve variance

I am buying a BOA FHA short sale.

Under contract in July.

Approved on Dec 19.  BOA gave us 5 days to settle.  There was no way my lender could get me to settle that quickly. We filed an extension.

Jan 29, my lender was ready with funds ready to be wired.

Now, we had to request a variance to HUD since we did not close within 5 days of getting approved.

Apparently HUD needs to re-approve the appraisal since its been so long.

In your experience, how long did it take to get HUD to approve the variance? and what is the chances of them not approving it?

We have waited so long to finally settle and we just want to be done with this whole ordeal.

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Permalink Reply by Short Sale Superstars LLC on February 3, 2013 at 2:56pm

Karen,        Hopefully you're hear back by the end of this business week, but it could be longer. What is the variance placed for? To extend the Approval to Participate? I'd say more often than not that a variance to extend an ATP will go through depending on how long it has been expired for, but it is never guaranteed.

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Permalink Reply by Karen Booker on February 3, 2013 at 3:16pm

Hi Brett,

We are waiting for confirmation from the bank that HUD approved the variance to extend the appraisal.  

Hopefully they will approve it sooner than later.  We are almost there!!!!

Permalink Reply by Kevin - Greenville, SC on February 3, 2013 at 7:14pm

In your experience, how long did it take to get HUD to approve the variance? - Generally it takes HUD just a day or two.  Anything longer is generally on the Servicer.

Permalink Reply by Karen Booker on February 4, 2013 at 4:04am

Your right, I just got it!!!!!!!!!!

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