I have been working an FHA Wells Fargo short sale since December (Citi is the 2nd). We had to reduce the sales price as it didn't appraise. The offer was finally rejected, Citi says because FHA didn't net the required amount. The amount they are using as market value is way too much for the area and the BPO was done back in January, They will never net their target using this number, who can I escalate to? also isnt the BPO too old anyway?
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Hi BJ. the property would have had a full blown FHA appraisal. The market value (FMV) would be on the HUD 90045 (ATP). At this point, after (90 days) yo need to NET the lender 84% of the FMV. You can reduce the price accordingly. The appraisal sticks with the property for 4 months.
You don't need to escalate. What you need to do is dispute the value. Here's the info to help you do so.
You will find much more info on FHA PFSs here:
http://shortsalesuperstars.com/group/fhashortsales