I have the ATP and contract on my seller's home and tomorrow will be sending in to the stage 2 negotiator the preliminary HUD with my seller's signed ATP.
We had a contract on the house before our ATP was issued.
What happens to my timeframe or approval if after I submit the HUD for this current contract with this buyer and after I receive the bank's approval of the contract the buyer walks?
Is my short sale approval still good?
Do we some how get penalized because this contract was approved and the buyer walked?
Is there anything we have to start all over? Or is my short sale approval still intact and I just have to get another offer in the next 4 months?
This is a BoA FHA shortsale.
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The ATP is good for 120 days. So you can submit another buyer if need be. The ATP is not the final approval. The HUD 90051 is the actual approval. This comes from the 2nd stage negotiator.