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Get condo fees paid, lower bank asking price questions

Posted by Jackie Gonzalez on February 13, 2017 at 6:03am in Short Sale Discussions

I cant get either party to agree. The condo association on this FHA property agreed to $3705.17, which is a difference of $2205.17. The bank has not yet approved the short sale as they are waiting for the approval of the terms from the condo association, which has not put them in writing. The bank wants $1000 minus the appraised value of $215,000. They want to net $189,200. It started at $205,000. It's now at $189,900. Is there any way to get extra funds from the bank of FHA to pay the difference? Is there a  way to get the bank to come down off their initial asking price? This has been going on since November. The bank is SunWest Mortgage.

Any suggestions are appreciated.

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Replies

  • Jonathan Katz February 13, 2017 at 8:27am

    PFS is a 3 tier program. 88% NET, 86%, 84% off appraised value. ( read ATP )

    I believe HUD will pay 1,500 to subordinate liens max. Parties will need to contribute to  close gap. if exceeding 88% tier relocation incentive my be approved and that can be contributed too.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Jackie Gonzalez > Jonathan Katz February 13, 2017 at 11:40am

      Thanks for your response.

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