ASC just sent the seller a list of documents they wanted along with a few questions. Among the questions was:

"Why are Food, Transportation, and Utilities Expenses above the national average?"

Are you kidding me?  Has anyone ever seen anything like that before? We've done hundreds of short sales and that is a first for us.


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WOW.  Really?  They are stretching huh.  I once had AHMSI ask me if my seller owned his if to say, "Hey sell your truck and pay your mortgage"



Yep, really. And on top of that, he sent us this request involving multiple documents that have to be collected at 8:53 pm last night, and told us that if he didn't have an answer by 3:30 today, he was going to deny the client's application for a HAFA short sale. Seems just a tad unfair, don't you think?  Especially when the client is active military and can't exactly tell his CO that he can't do his job today, he has to go collect some paperwork for a short sale. 

I'm not sure if it is a matter of having no hearts, no brains, or a combination of both.


Steve. Lenders have a chart showing these averages. If the sellers expenses are out of range they may very well ask why. The sellers just need to explain it.

Thanks Bryant -- I'll have to search the internet to see if those charts are on the net, because I have no idea if they are off by $50 or $5,000 from "the norm".

It helps to know that the charts even exist.

I had no idea either.  That IS interesting.  So let's say I'm an organic fan and my gallon of Milk cost more than the regular a homeowner penalized for that in some way?  Seems ridiculous.
Smitty I don't know if they would be penalized or not but they will have to explain it. I had to on the 2 short sales I did for myself. My monthly food bill for 2 was well over $1,000!! This is way high for my area. However my wife was on a special diet for health reasons. I was able to prove this and all was well.

$1000 for 2?  I am rethinking buying you lunch next week Bryant! 

I ran into this once, the seller simply explained that he lives in Hawaii and everything is expensive there!

Maybe there's a reason I'm 250 lbs!!! But it is strong fat :)
Bryant, I like to call myself full figured :)   I feel like I am shape, round is a shape



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