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.
Tags:
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.
I have closed many USDA sales and never had to order an appraisal... BofA was the servicer on all of them.
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]
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
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.