Comment

Comment by Robin M. Willis on November 19, 2010 at 7:18am

When I list FHA short sales, I put TBD as the listing price and don't put it on the MLS until I know what the bank will accept.

Comment by Amanda Pittman on November 19, 2010 at 7:12am

Sometimes, I have success in submitting a contract that is below their required net (70% not 84% was the last) and requested a variance. They ordered a new appraisal and it came in exactly where the market had shifted to, and they issued a new ATP letter.

Comment by Kathleen Lordbock on November 19, 2010 at 6:43am

Wells Fargo FHA is telling the homeowner they need the listing contract prior to getting into the approval to participate program and they need to stop making payments now( not the 31 days before close) to be considered?
Last WFFHA I did the appraisal came in above where it was had been listed and moved down due to no offers. They are sticking with this high net- I have requested a new Appraisal as that one was in Aug. This seems so backwards to list and then have to maybe move the price up after ATP. The appraisal does not reflect our current market going into a MN winter.

Comment by Robin M. Willis on November 19, 2010 at 6:01am

Amanda,

What they are requiring is against HUD guidelines for processing a PFS sale for an FHA loan. The bank is required to sent the ATP prior to even listing it on the market. Therefore, it follows that you would unable to get a 2nd lien approval since you don't have an offer. Banks often try to make up their own rules, but HUD will enforce their guidelines if you call their hotline and report what is happening. That number is (877) 622-8525. You will need to know your FHA case number and have an authorization letter from your client for them to speak to you. I am attaching a sample letter that you can use as a template. Also, would highly recommend you join the group FHA Short Sales here on Short Sale Superstars. There is a lot of good information there as well.

Good Luck.

BANK Authorization Letter - HUD.doc

Comment by Amanda Pittman on November 19, 2010 at 5:47am

I am having some issues with Wells FHA loans with 2nd mortgages or equity lines. On every file the negotiator wants the lien release before issuing the ATP letter. Even though I am pricing the properties to sell, I typically dont have a sales contract to send to the 2nd mortgage to get the ball rolling on their end. So no lien release, the file is closed by wells. Any strategies to avoid this is appreciated!

Comment by Jennie Blackburn on November 18, 2010 at 10:53am

thanks, Jeff!

Comment by Abraham Walker on November 18, 2010 at 9:51am

Amy,

Congrats.

Comment by AMY GERRISH on November 18, 2010 at 5:29am

Finally closed that one! List price $79,900. Offer $83k. First BPO $100k way wrong! Second BPO $86k. Closed $86k No buyer concessions, cash deal. Freddie Mac Investor. Paid all HOA liens and transfer fees & 6%.
There was a hang up at closing, apparently our assigned closer either got fired or quit Wells, and we closed 2 days late because no one knew who our new closer was :(

Comment by Donna Levy PA on November 18, 2010 at 4:33am

Looking forward to the conversations and questions!

Comment by Jeff Payne on November 18, 2010 at 3:17am

Jennie,
Keep in mind that if you are calling the 800 number, you are talking to people who can NOT make a decision, they are there to answer the phone. with that being said, I have never had them tell me they can not give the negotiators name. When I ask, they give me the name, email and # of the negotiator and will give the managers number when I ask too. Call the executive resolution department if you can not get the phone people to give you a straight answer.

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