I had two denied this week, each time HUD/FHA denied variance because the property needs some repairs?( as all foreclosure need repairs).
What is the variance for? Are you asking for a price reduction or a new appraisal to be ordered? Are you the agent?
I am the agent, both files were denied variance for repairs needed to property...Variance is because appraised value is 80k and 280 owed on fha 1st mortgage
This is exact wording from variance letter sent....They sent a DENIED response to servicer and noted that property needs to have repairs made and can have short sale /variance re applied for at that time
Justification for requesting HUD approval of this variance from customary Pre-foreclosure Sale proceed. Please allow the PFS to continue with the appraised value being less than 50% of UPB. The current appraised value of the property is $80,000 is less than the Unpaid Principal Balance $280,740.76 by an amount of $200,740.76. We are requesting permission to proceed using the appraised value. We meet required net. Home is not an active foreclosure. Appraisal completed 11/02/2016. Original ATP has never been issued. PFS is expected to close 01/ 10/2017.