Forum

FHA Approval to Participate Letter Valuation Too High - How to Challenge?

Posted by Christopher Pendleton on February 25, 2016 at 6:38am in Short Sale Discussions

Hi Everyone -

I got in an FHA Approval to Participate letter in which the valuation on the property is too high.  In fact, we are listed at 15K less than the appraised value for the ATP and can barely get any showings.

Servicer (PennyMac) hasn't been helpful on asking about challenging valuation.

Anyone have luck with something like this?

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Tags: ATP, Approval, Authorization, Participate, to
Email me when people reply –
Follow

Replies

  • Jonathan Katz February 25, 2016 at 12:02pm

    Work backwards and see if you can potentially hit a 84% NET. If getting something between 84%-88% is not feasible, you can likely open up a ticket with HUD and hopefully have another appraisal issued. Many times you can get one addition appraisal ordered, but it is not guaranteed.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Christopher Pendleton > Jonathan Katz February 25, 2016 at 12:16pm

      How is a ticket opened up with HUD?  I don't think minimum net is going to be doable.

      • Christopher Pendleton > Christopher Pendleton March 1, 2016 at 5:19pm

        ???

        • Bryant Tutas > Christopher Pendleton March 2, 2016 at 5:27am

          Escalate to Novad. Ask the lender for the FHA case number then email an authorization and your issue to: customerservice@novadconsulting.com

          Call them the next day and they will open a ticket.

          FHA National Servicing Center 

          (877) 622-8525 Customer Service

          1-800-489-1733 Fax

          1-866-808-5050 Fax for LOA

           

This reply was deleted.
********************************** like buttons ************************