Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on November 28, 2011 at 11:25am

Request another Appraisal be done under program guidelines.  Make the Appraiser aware of the issue and provide the Appraiser with a copy of the repair estimate. 

 

Wells Fargo will probably tell you at first they won't order another (not true), but you'll have to fight for it.

 

I can send you a copy of what guideline I'm talking about if you need it.

Permalink Reply by Victoria Frieberg on November 28, 2011 at 11:26am

sweet!  will try right now, thanks!

 

Permalink Reply by Cody Lampariello on November 28, 2011 at 11:44am

What Kevin has suggested is the best idea for it. If that doesn't work and you can't get them to adjust you may just have to cancel the file and re-submit it. Convince the BPO agent to take the repairs into consideration when he determines value. The only problem is your FHA buyer will still be out of luck because it will need to be fixed before he can purchase.

 

Good Luck.

Permalink Reply by Victoria Frieberg on November 28, 2011 at 11:46am

thanks, the buyer is usda rural housing, so technically conventional.  i have their agent working on speaking to them about the possibility of an escrow/rennovation loan also..

 

Permalink Reply by Cecilia Mutia on November 28, 2011 at 11:46am

 

This sounds too familiar...... This is what I did. I requested for their Preservation Dept to provide a bid to get it fixed so that they know how much it is to get it done and adjust their pricing or pay for it. They requesed that I get 3 bids and provide it to them along with photos and inspection description. While I understand it is "as-is" sale they will not be able to sell it under the condition it is in. I let them know that I was aware of them having insurance in which they can tap into. It is either they call Preservation handling short sale and get it taken care of or ask for seller credit to get it fixed. My negotiator opted for seller credit and buyer was able to get someone to fix it. Hope this helps.  

Permalink Reply by Victoria Frieberg on November 28, 2011 at 12:03pm

we have not had a preservation team involved in this, owner occupied short sale.  we just got the failure notice this afternoon, i am requesting the 3 bids proactively..but all are similar so far. have requested the new appraisal..no response from WF yet...buyers lender says no to any escrows..i just left message, i know that usda will allow rennovation up to 10k if their appraisal warrants...dont you hate that other people go home and quit work at 5!?

Permalink Reply by Kevin - Greenville, SC on November 28, 2011 at 12:09pm

I also think your negotiator mis-understand(s) what As-is is.  As-is mean no repairs will be made, not that the condition the property is in doesn't affect value.

Permalink Reply by joe beauchamp on November 28, 2011 at 7:41pm

You got some answers here that I will try next time - good!  In a case like this,\

I frequently don't have to go past explaining to the negotiator that if they foreclose, they will be paying that expense.  In this case, no C.O., no sale.  In my state, I tend to have to use this for the bank paying gov't liens on the property like sewer.

Permalink Reply by Victoria Frieberg on November 29, 2011 at 6:20am

negotiator says fha/hud sales = no repairs, no seller concessions for repairs.  i requested that the appraisor be notified of condition..negotiator says that the reduced appraisal will not impact the no repair clause stated in approval letter. no seller paids will be used for repair..i need to submit the bid and she will ask for a variance, but is very dubious that it will be allowed.  state law requires replacement within 10 months, if WF proceeds to foreclosure, they will own in that time period, and now need to replace and also pay foreclosure costs. trying to find an fha contact..used to be a gentleman on this site, but misplaced his information...?

Permalink Reply by Cecilia Mutia on November 29, 2011 at 6:24am

I would encourage you to use Twitter - Wells Fargo. They have people on sand by to answer any concerns. Good Luck

Permalink Reply by Victoria Frieberg on November 29, 2011 at 6:33am

thank, I reached out to them last night.  they offered to send me to the generic set up phone number!  i told them that they were sending me to limbo,and that bofa and chase were more responsive on twitter..they dm'd me that if i sent the address they would attempt to help through escalation. still waiting for the contractor to get me his bid to forward to negotiator so she can apply for a variance, and trying to find an fha contact in the meantime.

Permalink Reply by Victoria Frieberg on November 29, 2011 at 7:28am

1-800-225-5342  fha resource center..very nice customer service person could only refer me to prior mortgagee letters online..no other resources.  no twitter account.  tried hud twitter account, no response.

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