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New ATP possible for same borrower, same property?

Posted by Donna Clayton, Broker, MBA on August 23, 2011 at 1:58pm in Short Sale Discussions

Has anyone been able to secure a 2nd ATP under FHA's PFS ;program?  Our original ATP expired, and a Wells Fargo agent advised me to have the borrower apply for a new ATP.  If this can be done, it would actually be great because the previous appraisal was dramatically over-valued, making it impossible to sell the property and yield the required net to the lender.  A new appraisal will ideally yield a more realistic value and allow us to complete the process.  Any insights or experiences?

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Replies

  • Wendy Rulnick August 24, 2011 at 2:36am
    I've only had one.  If you submit the new offer, they can simultaneously process the new ATP.
    • Tom Braunagel > Wendy Rulnick February 12, 2013 at 3:49am

      Will a new ATP necessitate a new appraisal, or will they just use the old one?  Sounds like Donna needs a new appraisal...  Thanks.

  • Becky Martin August 23, 2011 at 2:21pm
    Yes, the next appraisal will probably be lower:)
  • Donna Clayton, Broker, MBA August 23, 2011 at 2:03pm
    By the way, we have a new offer.
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