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I have perhaps five FHA deals in similar circumstances. My experience with trying to deal with the FHA Servicer during the post marketing period is bad. They state that they will consider offers after the marketing period. But, when I've tried this, even with an offer close to the 84%, the Servicer cannot handle the files. In part, because now I was dealing with servicing, or DIL, or FC, not with a SS negotiator. In one case, the representative could not understand MLS, recordation, settlement sheets, closing credits, distressed assets, so we basically gave up trying to complete.
HUD wants to acquire the property, everyone loses, except that perhaps a couple of HUD employees justify their jobs.
We have managed to get two of these done after the marketing period. The nice thing is, we don't have the constraints of the HUD appraisal/value. It isn't easy, but they will allow you to do this. However, of course you will have to negotiate the second if that hasn't been done already. You can do this though! I kept in touch with my negotiator, and he was able to handle the file. That was with GMAC, by the way. I hope it works out!
Donna,
I also had a similar situation. Price was too high during the marketing period (which is why I now wait until an offer is "on its way in" to apply for the ATP). After the 120 Days expired we dropped the price way past their suggest list price, got an offer and called the bank (B of A too) and since the appraisal was so old they came out and did another one. Well offers tend to affect the appraiser's opinion of the price and we got the appraisal to see eye to eye with us.
I now suggest to everyone to wait until an offer is just about to come in to start the valuation process. May take longer but I would rather have a short sale......1) take 4 months to close than.....2) possibly 2 months to close or not at all.
Donna,
I also had a similar situation. Price was too high during the marketing period (which is why I now wait until an offer is "on its way in" to apply for the ATP). After the 120 Days expired we dropped the price way past their suggest list price, got an offer and called the bank (B of A too) and since the appraisal was so old they came out and did another one. Well offers tend to affect the appraiser's opinion of the price and we got the appraisal to see eye to eye with us.
I now suggest to everyone to wait until an offer is just about to come in to start the valuation process. May take longer but I would rather have a short sale......1) take 4 months to close than.....2) possibly 2 months to close or not at all.
I am going to try sending this one more time. My problem is the lender. I am being told that the only option the borrower has since the 120 marketing period has expired is to do a DIL. I cannot get an extension or a new appraisal without an offer. How do I get the lender to understand that the borrower does not have to do a DIL. There is plenty of time before the sheriff's sale is scheduled.
Lender says that the DIL is in compliance with the PFS guidelines. How do I get the lender to allow an extension? Should I withdraw the listing and start over? What is my next step?
The lender has to apply to HUD for a "variance" to extend the PFS. DO NOT ask them to apply for this variance without an offer in hand. They will not even consider doing it. Don't even talk to the bank until you have an offer, drop the price and entice an offer. Do your own appraisal of the home, using 3 comps that have closed within the last 4 months (so you can use these same comps when they reappraise and they are not that old). Make sure they are close inn proximity, square footage and age most importantly. Once you come up with that value, take 10% off the top and drop it to that. You should get an offer
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