FHA PFS
What is the best way to initiate an FHA PFS with Wells Fargo? I called them up and asked the person on the phone and they had no idea what I was talking about. So, they just said to put the house on the market and get an offer. Wrong! I know that an FHA appraiser has to come to the house and do the appraisal and the bank gives me the listing price. Then I put it on the market. This is so frustrating!
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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Via Equator. There are a couple of schools of thought about whether to start the process before or after an Offer.
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Permalink Reply by Jim McCormack on
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If Wells Fargo is fully set up on Equator for FHA short sales in your market then do what Kevin said. If not, then fax your 3rd party authorization to Wells Fargo and tell the Seller to call to start the mandatory retention review process. Even if the Seller wants to sell they have to reviewed for retention options before Wells Fargo can recommend for short sale and proceed with the FHA PFS Program application. If they offer a retention option then you are out of luck on the short sale.
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Permalink Reply by Anna Chroscicki on
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You can list it first ( before getting price and participation approval). You are given only few months to sell house, so if you get offer before "price approval" from lender at least you are ahead of the game.
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Permalink Reply by Tammy Davis on
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I personally have never waited for a bank to give me the list price. I list it, obtain a good offer and submit everything at one time to the lender. I find that is what works best for me.
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