Comment

Comment by David A. Roebuck on September 19, 2012 at 2:53pm

Kevin, Believe it or not we have not even received an ATP yet property has been listed since 6/25 and buyer and seller have been under contract 6 weeks later on 8/3.  So marketing period has been more than 30 days, less than 60, but again we have not received an ATP as of yet.

Comment by Kevin - Greenville, SC on September 19, 2012 at 1:54pm

Please note:  The 'marketing' period does not begin until an ATP has been issued.

Comment by Kevin - Greenville, SC on September 19, 2012 at 1:54pm

It's a sliding scale.

Question 5: Mortgagee Letter 2008-43 incorporates guidelines for varying minimum Net Sales Proceeds based on the length of time a property has been competitively marked for sale. Please advise the correct Tiered Net Proceeds Requirements and the length of time the ratio is valid.

Answer: The Borrower must be willing to make a commitment to actively market their property for a period of four months. 1) For the first 30 days of marketing, Lenders may only approve offers that will result in a minimum Net Sale Proceeds of 88% of the "as-is" appraised Fair Market Value (FMV). 2) During the next 30 days of marketing, Lenders may only approve offers that will result in minimum Net Sale Proceeds of 86% of the "as-is" appraised FMV. 3) For the duration of the marketing period (60 days), Lenders may only approve offers that will result in minimum Net Sale Proceeds of 84% of the "as-is" appraised FMV.

Comment by David A. Roebuck on September 19, 2012 at 1:51pm

Isn't it the rule of thumb on an FHA Short Sale that the purchase price be 88% of the appraised value??  So if the appraisal came in at $100,000 the purchase price needs to be $88,000 with the bank's net obviously lower.  I have a negotiator telling me that the bank's net needs to be 88% of the appraised value, which means the purchase price is darn close to the appraised value.  Am I correct or is the negotiator?

 

Comment by Kevin - Greenville, SC on September 19, 2012 at 1:40pm

portal.hud.gov/hudportal/documents/huddoc?id=DOC...doc

Comment by Smitty on September 19, 2012 at 1:21pm

Thanks Gang.  I don't know where my mind went.  I have another FHA seller in the midst of filing BK.  Anyone complete an FHA short sale post BK or active chp 13?

Comment by Mike Horton on September 19, 2012 at 11:05am

Kevin, I agree it is just the borrowers where they have separate accounts. However, all joint accounts must also be disclosed.

Comment by Smitty on September 19, 2012 at 10:28am

I thought that on a tradtional sale, but on a FHA sale we needed whomever was on the deed even if they weren't on the mtg.  I am glad that im wrong.

Comment by Kevin - Greenville, SC on September 19, 2012 at 9:06am

Smitty,  It is just the Borrower's. Escalate at Servicer level and/or to the FHA.

Comment by Wendy Smith on September 19, 2012 at 8:18am

we all lose it from time to time.  I thought it was just borrowers that provided financials but then again, maybe I'm losing it.  :)

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