Comment

Comment by Kevin - Greenville, SC on June 6, 2013 at 9:29pm

Denise,  Yes.  Up to 1% of the Buyer's mortgaged if the Buyer is obtaining an FHA Loan unless HUD approves a variance (fairly easy to get them to approve 3% regardless of loan type).  The tiered net proceed will still have to be met after the cc are deducted.

http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf

Comment by Denise Sipple on June 6, 2013 at 12:13pm

Will FHA pay any closing cost for conventional buyer and if so how much? 

Comment by Jim Stewart on June 5, 2013 at 9:04am

We need a "Like" button on here.

Comment by P Nicolas Velecico on June 5, 2013 at 5:22am

 I just came up with a new formula 

 FHA + B of A + Short Sale = 0000000000 COMMISSION = WASTE OF TIME 

Comment by Katie Mitchell on June 5, 2013 at 3:30am

Yes, that is typically what I do when we are close on numbers,  but we are about 2k off. :)  He is revising his numbers and also adding in all their wedding expenses that he hadn't included and is currently paying off.  Thank for the tips!

Comment by Sheila Vardakis on June 5, 2013 at 3:27am

Katie,

 

If he is showing a surplus on income versus expenses then give him back his financial worksheet and have him put EVERY expense he can think of that he incurs each month to where this is no longer a surplus.  I know many homeowners don't put a figure for clothing and entertainment and they do both.  I also see many put a very low figure for groceries and gas amounts. 

Comment by Katie Mitchell on June 5, 2013 at 2:49am

I am working on getting a client approved into the PFS Program with WF. The seller is not behind on their mortgage or shows a monthly deficit yet, but is being proactive since he is being transferred out of state and will not be able to afford the property once they relocate. The property is underwater and he is not capable of renting at a price which will cover the mortgage. We have just gotten HUD's approval on a variance for the seller having a surplus in savings and thought we were moving forward and would be receiving the ATP. Since WF had taken 3 months to get to this point, they requested we update all documents (which were exactly the same as we first submitted--no changes in savings, income, expenses, etc.) This morning we got a message from the Representative saying that after they looked at the pay stubs and inputted the information that they showed a surplus (which was shown on the original documents 3 months ago too). She stated that with FHA the seller must have a deficit to proceed otherwise she will close the file. She gave us a new task to revise the document and be sure all expenses were included and gave us a deadline of noon today (she sent the email at 9am). I have already put a call into HUD since we had an open case number, but they just return calls within 24 hours. Any advice on how to handle the situation? Has anyone gotten an approval into the PFS program prior to the seller showing a deficit? This seller wanted to be sure the house was being maintained and would relocate after the property was sold--the company he works for is being flexible with him on timing of their move.

Comment by Stephanie Summers on May 15, 2013 at 7:41pm

Tope End-I did reinitiate the short sale from scratch. Twice. BAC's response was that the original ATP expired 3 years ago and so the file was automatically closed. I've never had such a problem with any bank...other problems, yes, this problem, no. 

Comment by TOP END Properties on May 15, 2013 at 5:39pm

Stephanie, you can't just work off of an expired ATP from 3 years ago.  You need to re-initiate the short sale and go through the process from scratch.

Comment by Jim Stewart on May 15, 2013 at 9:45am

Stephanie, your story hits a nerve with me and I'm going to rant.  I am utterly frustrated with Bank of America (BAC).  I received an ATP on Jan 13.  I sent them an offer which meets guidelines on Jan 15. As of today I still have no answer on the offer. It took two escalations from HUD just to get communication.  It took a complaint with the Consumer Financial Protection Bureau just to get someone to seriously work on the file. I was promised an approval "within two weeks" three weeks ago.  When I finally got communication back from my CFPB complaint contact today I'm told that I need to send in a new HUD and extension of the contract and listing because they cannot meet the closing date on the documents they have. Oh, by the way, that closing date they can't meet is the closing date BAC told me to make in the first place.  My contact at BAC says they are just too overworked and I believe that is probably true. BUT it is my belief that they (meaning whomever is in charge of making the staffing decisions at BAC) are not dealing in good faith.  It has been well over six years since short sales became common.  To not have proper staffing in place at this point is either negligent, incompetent or purposeful.  Any way you slice it, it only enhances the poor reputation that BAC has and reduces the overall net they receive in regards to short sales.  Every single time I answer the "what bank is it?" question with "Bank of America" I get responses ranging from groans to laughter and then a perfunctory "good luck with that." These banks are killing themselves (and their customers) with lower nets and unnecessary foreclosures because of these turn times.  In my area buyers simply will not pay as much for a short sale as they will for a retail home because they know the horror stories are true.  A HUGE swath of buyers won't make an offer on a short sale in the first place.  Heck, the vast majority of owner occupant buyers probably CAN'T make an offer on a short sale because they can't wait 90, 120, 180 days or more to close! They need to have a place to live!!  The vast majority of my short sales go to investors because they have the cash and the ability to wait.  How many investors do you think will pay as much as an owner occupant buyer for a home?  Zero.  And you cannot tell me that BAC can't do anything about.  Even 30 day turn times for approvals would mean better offers and therefore better nets.  If BAC and all of the other myriad of banks actually got serious and assigned a reasonable staff to these files they would see their net on short sales skyrocket.  Rant over.  I'm sure it did little good but I feel better. :-)

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