Lenders completed the appraisal 4 weeks ago.
They said it been PFS review since 4/1/2014.
So what is PFS review, how long does it take and who is the investor for this?
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Wearesc,
I'm assuming when they say PFS they are talking about the Pre Foreclosure Sale Program. If the subject property was purchased with a FHA loan than it must go through the Pre Foreclosure Sale Program if they are trying to short sale the property. People tend to refer to these as "FHA Short Sales". Once an appraisal is completed and returned they will issue an Approval To Participate "ATP" which states how much the property needs to be listed for and the mininum NET they are requiring. Review times always vary depending on all the specific factors that play into each transaction. If you are trying to go above the servicer you would need to contact Housing and Urban Development(HUD). PFS are based off HUD guidelines.
Hope this helps.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389