Replies to This Discussion

Permalink Reply by Celeste ODea on July 14, 2012 at 7:24am

Sellers must have an FHA loan. If so, they are not done through the Equator system.  It is a different process in that they dictate the list/sale price.  The Sellers have to get an Approval To Participate (ATP)  Form HUD-90045 PFS from the lender.  Once the property is appraised, you will be notified with the amount of which the property needs to sell at. The Seller has 120 days from the date of the approval letter to sell their home or it's automatic DIL unless the bank extends it an additional 60 days.  Google "Mortgagee Letter 2008-43" to learn more about it.

Permalink Reply by Wendy Martin on July 14, 2012 at 7:24am

Tori, You're dealing with an FHA short sale, which cannot be processed on Equator.  Call BofA's FHA short sale dept.  You will need to get an "Approval to Participate".  They will guide you on what to do. If you have already listed, they will send an appraiser to the property and then set the amount they will need to net.  You may need to adjust the list price.  If you already have an offer, the offer may need to be changed as well to meet their criteria.

Permalink Reply by Tori Lee on July 14, 2012 at 7:43am

Thank you so much Wendy. 

Permalink Reply by Thomas Zdanowicz on July 14, 2012 at 7:43am

Everyone is exactly right Tori. Also with a BofA FHA short sale you have to have certain language on ur listing agreement. Call them and ask them for everything needed for the FHA short sale. Or email me and I can send u their packet

Permalink Reply by Tori Lee on July 14, 2012 at 7:52am

Thomas I am not sure how to find your email.  That would be great if you could email me the packet so I could work on it this weekend.  [email protected]

 

Thank you so much!

 

Permalink Reply by Tori Lee on July 14, 2012 at 7:48am

Thank you Wendy and Celeste.  I just put in on the market yesterday and will probably have an offer in the next couple of days.  I will call first thing Monday.  Only with ING Direct have I had a bank give me a price that they will accept.  It was one of my easiest short sales. 

 

Thanks again!

 

Permalink Reply by joe beauchamp on July 14, 2012 at 9:13am

Get your authorization in - FHA fax is 866-808-5050. Then you can at least talk to them. You do need specific sentences on both the listing agreement and the sales agreement. This is the slowest dept in the world, so be prepared. Oddly, they do things in an opposite way - get the appraisal, issue you an ATP and tell you what they need to net. As you know, other short sales keep their number a secret and play games. Keep your docs as up to date as possible to keep it moving.

Listing agreement - word for word: Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or any other considerations, if the property is conveyed to the mortgage insurer or the mortgage holder.

Sales agreement: Sale is contingent upon the seller obtaining the prior written approval of Bank of America.

Permalink Reply by Tori Lee on July 14, 2012 at 10:55am

Thanks Joe.  I am going to fax the Auth right now.  I will also add that to the LA.  I had to do that on an addendum recently I am glad you reminded me.  I love this forum.