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Remember there is nothing stopping the buyer form contributing to the 2nd as well. There is a specific process to dispute the value. Be sure to ask the lender to send you over the information.
Robyn. HUD has guidelines and your offer must fit or it will be rejected. If you feel their value is off then you can dispute the value. Other than that HUD will not accept less than 88% (NET) of the appraised "as is" value for the first 30 days.On day 31 it drops to 86% and then on day 61 it drops to 84% . The figure they will accept (Fair Market Value) is on the HUD 90045 (Approval to Participate).
HUD will only pay $1,500 towards junior liens. However the borrowers $1,000 incentive can be added to this figure for a total of $2,500.
I guess my question to you is..If there is enough money from a sale to pay off the 1st in full then why did the seller apply for a HUD PFS? When really all they needed to do was settle with the 2nd.
HUD short sales are very easy. They even give you a pre-approved figure!! The problem is you are trying to get them to negotiate for less than what they have already agreed to take. It ain't ever going to happen.
Your options are to find a buyer willing to pay enough for the property or dispute the value and try to get a new HUD 90045 issued. Any thing else is just wasting time.
Go to the HUD FHA group on this site and pull up the HUD guidelines and procedures. They will help.
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