Comment

Comment by Kevin - Greenville, SC on March 4, 2011 at 4:40am

Dawn,

I don't see anywhere in any FHA Mortgagee Letters that a new appraisal affects the marketing time periods.  I'm working on one right now with Wells Fargo and the net proceeds remain @ 84% even though a recent appraisal was completed.

 

 

Comment by Alan Remigio on March 4, 2011 at 3:48am

The percentage is based on the marketing time. Send an addendum to the sales agreement with the "new" price along with a corrected HUD reflecting the change. This is a buyer's push...lender nor FHA will encourage the lesser value. Attach short statement  noting time on market and buyer's offer for less. As usual, consult your clients on the options and have them make a decision. Nice to see you working hard for your client.

Comment by Dawn Green on March 4, 2011 at 3:31am

Good Morning

 

As an update we did have another appraisal ordered and it came in at the right numbers!  YAHOO.  My question now is, he is accepting 88% of this appraised value.  The marketing time, if not changed, would have made this at 84%.  Has anyone run across this before?  Does the new appraisal cause the process to start all over again?  We called HUD and they have no answer for us???  Is this "lender" driven?  I did email them and ask and my response was "that is what I will approve"? The buyers are going to go with it but I am just baffled. 

Thanks

Dawn

Comment by Michael Schneider on February 23, 2011 at 9:07am

FHA seller with a VA buyer.

Does this qualify for the 1% credit?

Which I suppose means, can or does a VA loan include FHA insurance?

Comment by Michael Schneider on February 19, 2011 at 7:43am

Dawn,

Be there, come in with comps, adjustments, history, repair costs. Have a realistic price in mind, sell the appraisal to that number.  My experience is that if the property needs repair, then you need to work hard to ensure that the repair costs are incorporated into the appraised value.

I have two where I was able to "wait out" the first 120 day marketing period, get a new appraisal, which just means from over-valued to a reasonable value.

Comment by Dawn Green on February 19, 2011 at 1:59am

Hello! 

After our discussions the other day I did get a bit of good news from the servicer.  They have convinced HUD to get another appraisal and it is ordered! Any suggestions on how to handle this one?  Starting to jump at shadows!  LOL 

Comment by Kent Dills on February 18, 2011 at 5:42am

David,

I'm afraid that those escrow monies will have to be returned to the short seller's lender.  They were returned to the seller by the folks who handle escrow accounts on accident.  All short sales have the following two conditions in my experience and should have been on the short sale approval letter as follows:

1. Seller to receive no money at closing.

2. Any and all escrow monies to be kept by discounting lender

 

Comment by David A. Roebuck on February 18, 2011 at 5:37am

Michael,

Actually, we already closed and recorded on a Short Sale. Several weeks later the homeowner who did the short sale has received a check for escrow monies that needed to be returned (paid a whole year and received 6 months in return) for insurance payments. How has anyone treated this?

Comment by Michael Schneider on February 18, 2011 at 4:19am

David,

You are asking how the FHA/PFS Incentive payment of $1000 or $750 is handled on the HUD?

If so, there is no standard on this, in my experience, so you should ask the Servicer. I've done three ways on this:

Either (1) "Cash to" on LIne 603, or (2) Seller Incentive in Section 500, or  (3) an odd representation as a credit and debit in Section 400 and 500, with "Cash to" on LIne 603.

Comment by David A. Roebuck on February 18, 2011 at 3:39am

Anyone have any experience with a homeowner receiving excess escrow after completing a Short Sale?  And what did they do with it?

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