Providing you with the knowledge and tools needed to succeed with Short Sales
We received approval for a Variance Request tonight on a FHA PFS. This was our first Variance Request and took some tap dancing as the negotiator swore she did not know what a Variance Request was. We emailed the negotiator the Variance Request form and received no response from her for 2 days. We called HUD directly and guess what? Negotiator all of a sudden knew what a Variance Request was and submitted it. We received approval for Variance in 48 hours!
Can you provide me with an example of how to complete the Variance based on the following scenario:
List Price: $85,000 (listed March 2011)
Sales Price $72,500
FMV Today $57,500
HAP pays 1st lien $116,000
2nd lien $17,436
Both liens with BB&T
We are in need of a Variance on a Wells Fargo Short Sale. HUD tells us that Wells must file the Variance and not the Agent / Borrower (and Wells has not been cooperative with anything to date). Was that your experience as well? Thanks!