Hello BOA SSS members;  Can anyone please give me help on a short sale I am trying to work on.

I have worked on this multi family for one year, had three offers, two appraisals, one two weeks ago.

i thought we were almost there and last Friday got a letter they denied my client because he does not live there. FHA guidelines. He lived there shortly and then had to move out. Feel like contacting Mr. Moynihan but want to do the right thing. Attorney has given up on file. I have not. Foreclosure date mid March.

Anyone can help me, please?  Don't know what to do.

DP

Views: 43

Replies to This Discussion

good luck lady...I talked to you yesterday Donna, hopefully someone can help here...
I would do current comps, adjust the price accordingly and submit a new offer fast. Then, call BOA and ask them to delay the foreclosure date. Just be sure to call them at least 5 days prior to the foreclosure date to be sure it is extended. At that time, if you need more time, ask for another extension.
Hope this helps
Gail from Phoenix
Hi Gail: They already postponed once. It's not the offer. I believe they are rejecting my seller for not living in
the property, multi. It's an FHA requirement but he had a hardship. The letter said DECLINED. Auction rescheduled
for mid March. I do not believe it was the offer. I need an INTERVENTION.




Gail Oleaga said:
I would do current comps, adjust the price accordingly and submit a new offer fast. Then, call BOA and ask them to delay the foreclosure date. Just be sure to call them at least 5 days prior to the foreclosure date to be sure it is extended. At that time, if you need more time, ask for another extension.
Hope this helps
Gail from Phoenix
There are a few expceptions to that rule. 1. Divorce, 2. job loss, 3. job relocation 4. If he moved based on the first agreement of sale with a closing date of X and he was acting in good faith that BofA would approve the sale.
Vincent may have the answer to your problem with the current buyer. If you cannot resolve it with the current buyer, my suggestion to find another buyer at least will help the homeowner.

Donna Perry said:
Hi Gail: They already postponed once. It's not the offer. I believe they are rejecting my seller for not living in
the property, multi. It's an FHA requirement but he had a hardship. The letter said DECLINED. Auction rescheduled
for mid March. I do not believe it was the offer. I need an INTERVENTION.




Gail Oleaga said:
I would do current comps, adjust the price accordingly and submit a new offer fast. Then, call BOA and ask them to delay the foreclosure date. Just be sure to call them at least 5 days prior to the foreclosure date to be sure it is extended. At that time, if you need more time, ask for another extension.
Hope this helps
Gail from Phoenix
First did you receive the HUD form showing the appraised value and the minimum net proceeds based on that and was that in line with your offers net proceeds estimated HUD statement you should have submitted with the offer? Also what was the hardship?

Donna Perry said:
Hi Gail: They already postponed once. It's not the offer. I believe they are rejecting my seller for not living in
the property, multi. It's an FHA requirement but he had a hardship. The letter said DECLINED. Auction rescheduled
for mid March. I do not believe it was the offer. I need an INTERVENTION.




Gail Oleaga said:
I would do current comps, adjust the price accordingly and submit a new offer fast. Then, call BOA and ask them to delay the foreclosure date. Just be sure to call them at least 5 days prior to the foreclosure date to be sure it is extended. At that time, if you need more time, ask for another extension.
Hope this helps
Gail from Phoenix

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************