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BofA FHA Pre Foreclosure Approval HELP NEEDED!!!

Posted by Susan Williams on August 2, 2010 at 9:36am

This is my first BofA SS to negotiate...... Its has all gone fairly smooth considering its an FHA deal so we have not had to deal with Equator...THANK GOD!

We received our HUD 90045 today stating net price $220k which is 88% of appraised value of $250k. Listed property 4/24/10 (over 60 days on market and this is our only offer). Purcahse Offer $200k. Per HUD guidelines: Properties listed over 60 days should reflect 84% of appraised value....which still is not where we need to be. Should I dispute the appraisal and if so, whats the best strategy?

Also, we are a 3rd party negotiator and need our fee to be on the HUD...where or how should we list this?

Any help is GREATLY appreciated!!!!

Tags: BofA, FHA
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Comments

  • Janet Nelson August 4, 2010 at 6:01pm
    In my HUD PFS (short sale) we had to wait 6 months for a revised/new appraisal....You may have better luck.
  • Susan Williams August 2, 2010 at 10:25am
    Thanks Bryant! So, how would you suggest we get paid on the HUD? Lien the property? HUD 90045 states all Jr. Liens less than $1500 be paid.......????
  • Bryant Tutas August 2, 2010 at 10:16am
    Susan. Yes you can dispute the value on the HUD 90045. The lender should have a specific outline of what you need to do to do this.

    I do not believe FHA will allow the cost of a 3rd party negotiator on the seller side of the HUD.
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