FHA Pre-Approved Listing Price
I'm a realtor and have encountered two cases where a short sale was listed and a purchase contract negotiated only to find out that the first step should have been to obtain a pre-approved FHA short sale listing price. This has caused more delay than is usually the case with short sales. Has anyone else encountered this? I now have a short sale listing with an FHA mortgage from CitiMortgage and I can't find anyone at CitiMortgage who can tell me how to get the listing price pre-approved. Can anyone help? Thanks!
Replies to This Discussion
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Permalink Reply by John Edelman on
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You need to submit a "short sale package" to them and after receipt and review, they will order an appraisal of the property. Upon receipt of the "as is" appraised value - the lender will issue an ATP that needs to be signed by the homeowners and returned. At this point, you have have the price to list the home for and the acceptable net proceeds.
The "short sale package" should include
1. 3rd party authorization allowing you to communicate with the bank regarding this account
2.hardship letter (signed and dated) - explaining what has gotten them into the currentr financial situation
3. financial worksheet - showing a breakdown of current income, assets and expenses
4. 2 months most current pay stubs for all on loan
5. 2 months most current bank statements
6. last 2 years tax returns
7. listing agreement - use the list price that you feel is appropriate - as you will likely need to change it when you receive the ATP.
Contact the lender and ask for the fax number to send an FHA short sale package. The fax number is likely on this site - but I always like to verify it with the lender
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