"Just curious. In my experience I have seen more variances get approved with FHA buyers than conventional. I think because HUD is making money on the other side, but I could be wrong"
Travis Davies's Groups
Travis Davies's Discussions
Wells Fargo Short Sale Addendum----Is this new??
Started this discussion. Last reply by Travis Davies May 16. 5 Replies 0 Likes
Take a look at this addendum and see if you get the same reaction I did reading it. I cant see signing it the way that it is. The negotiator told me that its up to the seller to decide what is…Continue
Second Lien (Old Republic) demanding more than Fannie will allow-HELP
Started this discussion. Last reply by Travis Davies May 2. 3 Replies 0 Likes
I need some help. I have a second (Old Republic) who is demanding 8K for an original balance of 77K to release the lien. This is running through BofA's Cooperative program, which they will only pay…Continue
FHA ATP Question
Started this discussion. Last reply by Travis Davies May 1. 5 Replies 0 Likes
So for those of you who know the PFS program very well I have a question you know on the ATP how it states language like this Acceptable Terms of Sale Program criteria require that…Continue
What is going on with Met Life?
Started this discussion. Last reply by Nancy Fung Martin Apr 12. 2 Replies 0 Likes
I cant seem to get through to Met Life's SS dept for the life of me. I call morning, noon, evening and can rarely get through. I had a negotiator just disappear about a month ago on a file and one of…Continue
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Travis Davies replied to Travis Davies's discussion HUD Variances. Is HUD biased towards an FHA Buyer? in the group FHA - HUD Short Sales
Kevin - Greenville, SC replied to Travis Davies's discussion HUD Variances. Is HUD biased towards an FHA Buyer? in the group FHA - HUD Short Sales"I haven't really seen any bias even though their 'Guidelines' may state there is."
Travis Davies added a discussion to the group FHA - HUD Short Sales
HUD Variances. Is HUD biased towards an FHA Buyer?
Looking for some experience on Variances from HUD for FHA/Conv buyers and the approval rate. Wondering if anyone sees HUD approving more variances for FHA buyers over Conv or if you think it matters. Please email me travis@travisdavies.com See More
Travis Davies replied to Travis Davies's discussion Wells Fargo Short Sale Addendum----Is this new??"100% agree"
Travis Davies replied to Travis Davies's discussion Wells Fargo Short Sale Addendum----Is this new??"I got this shortly after they issued their ATP, about 2 weeks ago. I've had about 10 offers on the home, mostly investor offers, but halfway through the process of getting the home approved for the PFS it got partially flooded, so I'm only…"
LISA VAUGHAN replied to Travis Davies's discussion Wells Fargo Short Sale Addendum----Is this new??"At what point did you recieve this addendum? "
Joseph Alfe replied to Travis Davies's discussion Wells Fargo Short Sale Addendum----Is this new??"highest may not be best for the seller."
Bryant Tutas replied to Travis Davies's discussion Wells Fargo Short Sale Addendum----Is this new??"The purpose of this addendum is to disallow ABC flips. They want the contract submitted to the highest and best and the only contract. The language doesn't bother me at all. Negotiate the best deal you can get.Place the property in pending…"
Travis Davies posted a discussionWells Fargo Short Sale Addendum----Is this new??
Take a look at this addendum and see if you get the same reaction I did reading it. I cant see signing it the way that it is. The negotiator told me that its up to the seller to decide what is highest and best, so I told him your addendum sure doesnt present it to be that way and we all know what holds up in court dont we.The home I got this on needs some decent repairs just to pass for FHA financing but not impossible. I'm afraid if the sellers signs an offer thats high enough to meet the min…See More
Travis Davies replied to Travis Davies's discussion Second Lien (Old Republic) demanding more than Fannie will allow-HELP"I'll report after the deal is done on all the details, but for now I dont want to jinx the deal in any way. I think the big man upstairs softened the heart of the negotiator we'll say. Being nice and honest does go a long ways. Details to…"
Jim Schneider replied to Travis Davies's discussion Second Lien (Old Republic) demanding more than Fannie will allow-HELP"Is the seller willing to contribute? Would the seller agree to a promissory note?"
Kevin - Greenville, SC replied to Travis Davies's discussion Second Lien (Old Republic) demanding more than Fannie will allow-HELP"A POC is fine, just as long as it's on the HUD-1 if it's associated with the sale of the Property. Unlikely FNMA will allow a the POC though. Best bet is to continue negotiations with Old Republic."
Travis Davies replied to Travis Davies's discussion FHA ATP Question"So my negotiator at US Bank responded to my question by saying this
"yes...the clock starts when the ATP is issued" "
Travis Davies posted a discussionSecond Lien (Old Republic) demanding more than Fannie will allow-HELP
I need some help. I have a second (Old Republic) who is demanding 8K for an original balance of 77K to release the lien. This is running through BofA's Cooperative program, which they will only pay 6% up to 6K. In this case $4568. The buyer is willing to pay the 3k difference to the second buy FNMA is not going to allow it. They are even willing to pay it outside of closing to get the deal on the home, but I dont know what to do. I am about out of time on the sale dateAny…See More
Justin Berry replied to Travis Davies's discussion FHA ATP Question"I've found that most servicers consider it to it be the date on the contract or the date the seller accepts the offer or maybe even the date the servicer receives the offer. I believe HUD intends it to be the date of closing as…"
Kevin - Greenville, SC replied to Travis Davies's discussion FHA ATP Question"I've overcome this and have had the lower net approved on several occasions when a Contract was presented to the Servicer prior to being in the lower tiered net time frame."
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Travis Davies's Blog
Buyers Lender Demanding Short Sale FULL approval letter now
Posted on June 30, 2011 at 3:46pm 0 Comments 0 Likes
So it seems to be a growing trend now that a buyers lender is demanding to see the lenders full blown short sale approval letter, not just the cover page with all the terms. In the past i have always taken the approval letter and removed the SS# and Loan# for obvious reasons. I got a call yesterday from a buyers lender demanding to see all the pages of the approval letter, that clearly have no information that they would need.…
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