USDA Rural Development

I just received a contract on my listing that is going short sale and is a USDA Rural Development. Upon trying to present the contract, I was told  that the buyer must provide a current appraisal and the contract price is to be same the amount as the appraisal. This is my first short sale with this type of loan. If you have had experience working one of these is this really the way they do it? Any advise would be greatly appreciated.

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Permalink Reply by Wendy Rulnick on August 16, 2012 at 2:54am

MaryJo - I've done several Ginnie Mae USDA short sales (they call them pre foreclosure sales), where that was not the case.  Is the short sale lender telling you that? Who is it?  Perhaps someone else can pipe in.

Permalink Reply by Jeff Payne on August 16, 2012 at 4:23am

I have closed many USDA sales and never had to order an appraisal...  BofA was the servicer on all of them.

Permalink Reply by Kevin - Greenville, SC on August 16, 2012 at 4:50pm

Just received a Short Sale Approval from Chase on a USDA Loan about a week ago.  No Appraisal required.

EARNESTINE JONES
GUARANTEED LOAN SR.SPECIALIST
LOSS MITIGATION SECTION-RHS
U.S. DEPARTMENT OF AGRICULTURE
4300 GOODFELLOW, BLDG 105E MAIL CODE FC-225
PH-1866-550-5887 EXT 26532 DIRECT 314-457-5607
FAX 1-314-457-4466 OR 1314-457-4467
E-MAIL [email protected]

Permalink Reply by Barbie Hintz on August 26, 2012 at 3:33am

Wow, I never had this happen either.  I would investigate further, perhaps the person assigned to the file is confused.  Ask

to talk to their supervisor

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