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BOA FHA short sale

Posted by toni blount on July 30, 2013 at 3:01am in Short Sale Discussions

Hi Superstars

BOA FHA short sale. BOA did FHA appraisal in February & pre-approved sales price.  Approval letter received for closing by 8/30.

Buyer's appraisal (Suntrust Bank--conventional loan) came in $5,000 below contract & approval amount.

Any ideas? Will BOA lower sales price?

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Replies

  • Jonathan Katz July 30, 2013 at 9:40am

    Toni,

         Provide the negotiator the appraisal and an updated Est. HUD matching the appraisal amount. Ask him if he can submit a variance to HUD for an updated approval per the appraisal. Just be advised that this will delay the file and that an approval is not guaranteed. If it appraised purchase price meets the 84% Tier that HUD wants to NET, it may get approved.

    310-564-6389

    www.ishortsalenow.com

    brett@ishortsalenow.com

  • SueEllen Morse July 30, 2013 at 3:07am

    Good luck with that!! BOA is terrible. I've had and accepted over with them for over a week and still don't have final docs back from them. Buyer is USDA all approved and needs to be locked in by the 9th. Can't get inspection or anything on home until BOA sends back bottom lined PA..Rrrrrrrrrrr! They want the docs back ASAP when they send them to us. FOR WHAT???

    No wonder everyone hates dealing with them..

    • Terri Barrow > SueEllen Morse July 30, 2013 at 9:08am

      Escalate the file.   Ask the super stars for Tweet information to tweet BOA directly!

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