Negotiator raised minimum net after ATP issued

I was hoping someone could provide me some insight on an issue I'm having. I have a property under contract at $70k. The net going to lender is $56,362. They issued the Approval to Participate form, with the appraised value on the ATP as $75k, and outlining a minimum net of $66k. I countered to the buyers appropriately, however, now the negotiator is coming back saying she closed the file out, and now the minimum net "must increase" to $84,120. How can this be??? She is unresponsive... Any info is appreciated!! Thanks!

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Replies to This Discussion

Permalink Reply by John Edelman on June 13, 2012 at 2:31am

This sounds very strange - who is the lender?

Permalink Reply by Krystal Warren on June 13, 2012 at 2:42am

Wells Fargo. I've never come across this situation... especially w/them. She was responsive until I asked her why they have to raise the min. net. Since then, I haven't heard from her at all!

Permalink Reply by Ann Howard on June 13, 2012 at 2:42am

Looks like they had an appraisal or BPO and because the offer was too low they rejected the offer and closed the file. Once they close the file you will be assigned a new negotiator.

Who is the lender? Are there comps to support the new appraised value?

Permalink Reply by Krystal Warren on June 13, 2012 at 2:47am

I don't see why they would have completed another appraisal. The first one was done on 4/16, so it hasn't even been 60 days... and it's not like property values are increasing around here.. especially by $20k in two months. There are many comps to support the original value. It was dead-on the first time. I don't have a problem disputing their value, but they closed my file out without even giving the buyers a chance to respond to the first counter. ..and then raised the min. net. It's just so strange!

Permalink Reply by John Edelman on June 13, 2012 at 12:09pm

Krystal - give me a call if you want at 817 690-7909.

I think I can help you with this.

Permalink Reply by Jim Schneider on June 24, 2012 at 7:09am

I would strongly suggest you talk to HUD, this sounds like a clear violation of the servicer's duties under the PFS program.

Permalink Reply by Krystal Warren on June 25, 2012 at 6:34am

I ended up contacting HUD and they set things right.. and are sticking w/the original ATP. I gave them the information on the negotiator.. not sure what's going to happen to her, but she was clearly in violation of their guidelines. Thanks everyone! :)

Permalink Reply by Ann Howard on June 25, 2012 at 7:29am

Great news! Yes the negotiator was in violation of the guidelines.

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