Any information on how to proceed after FHA denies variance due to repairs or appraisal value too low?? How to reverse the decision and get approved??
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Any information on how to proceed after FHA denies variance due to repairs or appraisal value too low?? How to reverse the decision and get approved??
You need to be a member of Short Sale Superstars to add comments!
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Hey Thomas. Your question isn't that clear. Are you stating the bank wants too much money?
Seems strange that a variance would be denied because the appraisal value is too low. The appraisal is ordered on behalf of FHA.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
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?
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.
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