Comment

Comment by Noel Hagen on December 20, 2010 at 12:29pm

Michael, I am representing a buyer for  BOA FHA short sale.. Could you pleases tell me what is the procedure you went thru.  How long did it take to get the acceptance/approval from BOA? Our offer was accepted by sellers mid Oct. and it was submitted to BOA. On Nov. 5th, a negotiator was assigned and while waiting for BPO in end of Nov. a new negotiator was reassigned!! and until now we haven't heard any thing.  I can't find the FHA-short sale Guideline that the BOA have to comply with.  Thanks.

 

Comment by Michael Miller on October 6, 2010 at 1:03am

The FHA procedure is not run thru Equator,pays 6% commission,and pays the seller up to $1000 at closing for relocation.The last one I did was approved in less than 50 days from start. The issue is HUD will not let the appraiser(s) use distressed properties unless they are all thats available, so the "as is value" will come in approx 8-12K more than you will in your BPO. HUD will accept 88% (net) up to 30 days, 86% 30-60 days, and 84% 90-120 days from pre-approval(of the as is value the FHA apprasers come up with).

Comment by Juan-Manuel Valera Jr on October 5, 2010 at 4:26pm

I have never done on these and the firm I work for has decided not to work with BofA nor Countrywide anymore. These two lenders are becoming more and more unorganized but I am maintaining the faith that things will get better. How does the FHA work with regards to short sales?