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HELP.. I HAVE A SIGNED ATP BY CHASE BANK AT 155,000. NOW THEY SAID THE ATP SHOULD BE 185,000?? HELP SOMEONE

Posted by David R Haws on June 2, 2011 at 7:29pm

I have a question for anyone who has come across this situation before.. We have been working with Chase Bank on one of our short sales, this is an FHA loan so the bank had a full appraisal done on the property. We later received an ATP from Chase Bank at 155,000, we signed this contract with FHA as well we received an offer higher than this amount..  This file was later transfered to another negotiator who then reviewed the file and discovered the ATP should have been 185,000.. The question I have is that due to the fact that we have a signed agreement with HUD do they not have to honor this agreement??? 

 

Someone please help.....

 

Thanks so much!

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Comments

  • Kevin - Greenville, SC June 16, 2011 at 12:56pm
    How much is the appraisal for?
  • Kevin - Greenville, SC June 3, 2011 at 12:00am
    HUD-90045 Approval to Participate.  Bottom line David they can try, but they must approve if the net of the Contract is greater than that of the ATP and it doesn't include any non-allowable fees or costs.  Good advice from Bryant, although it can take Darrell awhile to reply.  I'm wondering if he is sorry he ever put his contact info here:)
  • Bryant Tutas June 2, 2011 at 11:02pm

    David. What's ATP stand for? Did you ever receive the HUD 90045? This is the document that dictates the price on a FHA PFS. We have an FHA representaive that is one of our members. Pop Darrell an email:

    Darrell Powell
    darrell.l.powell@hud.gov
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