How do I dispute value with HUD?

Hi everyone, I have a FHA short sale with Citi. They sent over the HUD letter asking me to list the property at a price of $325K and that their lowest acceptable net is $289K. The problem is the property has been on the market for 3 months at $284K, then $272K and no offers so we need to reduce again. Has anyone disputed HUD's value on a short sale? The negotiator with Citi said to dispute it but is not responding on what to include in the dispute, what format it should be in, etc. If anyone can provide details on how they have successfully disputed HUD value that would be appreciated! I am ready to send over a full CMA if they will accept that.

 

Thanks

Scott

 

 

Views: 234

Replies to This Discussion

Permalink Reply by Kathleen Lordbock on November 16, 2010 at 5:47pm
I need an answer to this question as well since I have a similar situation.
Permalink Reply by Ben Shult on November 23, 2010 at 10:18am
This would be helpful for me as well-- seems many of us need to know. I am not below appraised value yet but expect I will be soon-- foreclosure across the street is comparable in every respect, but is priced $10,000 under appraisal on my SS listing.
Permalink Reply by Kathleen Lordbock on November 25, 2010 at 3:20pm
Anyone have an answer to this?
Permalink Reply by Wendy Rulnick on November 26, 2010 at 4:16am
Scott - One suggestion is if you think the appraiser may have "missed" something about the property. Were there any issues that may not have been apparent? For example, a survey issue or some not readily observable defect? If you feel the appraiser may not have known some fact that would bring a lower price - offer that info. Of course, do a BPO yourself. If the seller has the funds for appraisal, consider that. On the bright side, if they refuse to change the value - your listing is mroe attractive now that it has a pre-approved price.
Permalink Reply by Michael Schneider on November 29, 2010 at 4:20am
Three ways to dispute:

1. Comps
2. Repairs
3. Appraisal

I have the precise guidelines somewhere, I think I pulled them from this site, actually.
But, be careful what you ask for. The guidelines also state that if the value goes up, the ATP value/net goes up!!
Yes indeed, I have a property that we disputed and the outcome was that the value was raised by $11,000.

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