Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 30, 2011 at 9:46am

Jeff, How much was the FHA appraisal?

 

Permalink Reply by Jeff Payne on March 30, 2011 at 9:48am

$145,900 same as sales price. 

Permalink Reply by Wilsie Ortiz on March 31, 2011 at 3:39am

Congratulations...!!!

I'm working on my first FHA short sale right now.  I have the nicest Negotiator assigned to me. Very professional lady...!  The approval took 39 days. We are scheduled to close on 5/11/2011.  The seller wasn't even late on her mortgage but proved she would have a hardship if she didn't short sale her primary home.  And...she's also getting the incentive...!

Mortgage balance:  $134,000

Appraised value: $93,500

Sales price $90,999

 

 

 

 

 

Permalink Reply by Jennifer Luna SFR on April 4, 2011 at 4:22pm

Nice Job Jeff!

Permalink Reply by Michael Schneider on April 5, 2011 at 2:43am

I have perhaps six clients where I was unable to complete a successful sale, which is a low percent ot total.  Three were "voluntary" by the client.  Eg, BK.

The other three are FHA PFS files, where the appraised value was significantly above market value.

In my experience, the FHA is my single largest cause of unnecessary foreclosure/DIL.

If the HUD appraisal is at FMV, PFS is great.  If not, PFS is dysfunctional.

The FHA appraisal process is consistent with an objection to acquire property.  Presumably, this is inadvertant as a result of disengagement by the FHA, but that is the reality, in my experience.