Comment

Comment by Dawn Green on February 17, 2011 at 2:07am

Hi Kevin

Been following this thread for a while.  Have a similiar situation and a quick question?  I am being told that HUD will NOT consider another appraisal.  They did theirs, they paid for theirs and that's that.  Our case is different in that I finally got the negotiator to "see" that the new appraisal was done for a FHA 203K loan.  We are now awaiting outcome of a resubmitted offer package with the 203K appraisal attached - as this appraisal is now "linked" to the property for 6 months - no buyer would or could purchase a home that is coming in with an as is value $40k below what their as is value came in at.  Any thoughts or comments would be greatly appreciated. 

Thanks!

Comment by Kevin - Greenville, SC on February 16, 2011 at 5:51pm

In an effort to ensure that the most current Fair Market Value is used for the Preforeclosure Sale, a Mortgagee may obtain a new FHA appraisal, even if the property was appraised by an FHA Roster Appraiser within the preceding four (4) months.

Comment by Kevin - Greenville, SC on February 16, 2011 at 5:49pm

Jeanne,  

The are no variance guidelines per se.  I've seen one that was approved in the low 60% range, but have tried multiple times on my listing to obtain an approval around 80-81% needed also because of a flawed appraisal.  Probably the best course of action is to have them order another and perhaps it will come in closer to FMV.  There is always the risk it could come in higher though...

Comment by Jeanne Dominguez on February 16, 2011 at 5:42pm

Does anyone know what % percentage amount ( if there is any) below appraised value that HUD will accept or aim for with a Variance? Any recommended reading? I've already read the PFS Guidelines from HUD, but nothing in there. Thanks!! Have a seriously low offer on short sale and seller is on her way to DIL. We can still present offer...but it's $40,000 less than their (flawed) appraised value from 9/2010.

 

Comment by Kevin - Greenville, SC on January 27, 2011 at 11:20am

Robin, I think Darrell has been out for a couple of days.

Comment by Robin M. Willis on January 25, 2011 at 12:01pm

Darrell at HUD,

 

I sent an email to you on the 19th with an issue I am having but haven't heard anything back from you at all.  Did you receive my email?

Comment by Jim Stewart on January 25, 2011 at 10:20am

Way to go Christina and Darrell!

Comment by Janet Nelson on January 25, 2011 at 10:12am

Darrell at HUD,

 

Thanks so much for posting  your information for this group, and offering to help everyone. Agents, I've worked with Darrell on a HUD PFS and he's  a great help! We really appreciate someone at HUD giving us a hand, Darrell.

Comment by Christina Simmons on January 25, 2011 at 9:37am

Hello friends,

I have to give a big shout out to Darrell Powell over at HUD.  I have been hitting a brick wall with WF in getting a short sale extension approval, found Darrell information on this board and I sent Darrell a s.os. email needing his help and omg...he was an angel and I got the short sale extension approval that we needed....Thank you Darrell and thank you for this wonderful network of fellow agents and friends!

Comment by Maya Thomas on January 20, 2011 at 5:00pm

I had a 3rd party negotiator that was handling the short sale for the servicer require similar wording and another company require that I use their listing agreement.  Both 3rd party negotiator companies specialize in bank owned properties.  I talked with a Board Certified Real Estate attorney and found out that the company could not interfere with my listing contract with the seller.  I told the company and urged them to talk to their attorney.  Both companies backed off.  I did not include the wording in my listing agreement and I did not sign the listing agreement either.

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