We are happy to announce that another homeowner was saved from foreclosure with an FHA preforeclosure (short) sale!
Mortgage balance:$208,000
Sales Price: $145,900
Net Proceeds to Bank of America $131,850.45
Seller recieved $1000 seller incentive!
Contract date 1/25/11
Close date 3/30/11
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Jeff, How much was the FHA appraisal?
Congratulations...!!!
I'm working on my first FHA short sale right now. I have the nicest Negotiator assigned to me. Very professional lady...! The approval took 39 days. We are scheduled to close on 5/11/2011. The seller wasn't even late on her mortgage but proved she would have a hardship if she didn't short sale her primary home. And...she's also getting the incentive...!
Mortgage balance: $134,000
Appraised value: $93,500
Sales price $90,999
I have perhaps six clients where I was unable to complete a successful sale, which is a low percent ot total. Three were "voluntary" by the client. Eg, BK.
The other three are FHA PFS files, where the appraised value was significantly above market value.
In my experience, the FHA is my single largest cause of unnecessary foreclosure/DIL.
If the HUD appraisal is at FMV, PFS is great. If not, PFS is dysfunctional.
The FHA appraisal process is consistent with an objection to acquire property. Presumably, this is inadvertant as a result of disengagement by the FHA, but that is the reality, in my experience.
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