Comment

Comment by Kevin - Greenville, SC on May 19, 2014 at 6:39am

Brenda,

more thank likely not. make your offer accordingly.

Comment by Brenda Houghton on May 19, 2014 at 6:36am

Will HUD allow an agent who is a principle in the transaction (buyer) to receive a commission in a short sale?  Thanks.

Comment by Scott on April 10, 2014 at 9:13am

Frank--I've had similar situations on short sales in the past.  I've been told that if the reason the borrower vacated the home is due to the actual financial hardship, then they will grant a variance for that situation.

 

After just speaking with NSC, they told me that it's "within the servicer's discretion whether to request a variance".  After working many short sales, there is no consistency anywhere.  It's impossible to predict which files variances will be granted and which ones will not. 

Comment by Scott on April 10, 2014 at 9:10am

I have an FHA short sale and M & T is the servicer.  M & T declined my short sale without informing me of the matter because my client's credit score exceeded 620.  I know what the guideline is, but in the past I've received variances for issues like this. 

 

I escalated the issue to M & T management and they were of no help.  I escalated the issue to NSC and the escalation specialist was as unprofessional and misinformed as the M & T employees.  I could tell that the specialist didn't understand their own FHA guidelines.  DOES ANYONE KNOW ANOTHER AVENUE TO HOLD THESE PEOPLE ACCOUNTABLE????

Comment by Flor Melgar on March 27, 2014 at 12:31am

Ask the negotiator to request a variance for the closing costs.  I had one that just closed yesterday where I had to be very insistent and finally got the negotiator to request the variance for 4% and we got it.  As long as the NET to HUD is they normally approve  

Comment by Katie Johnson on March 27, 2014 at 12:26am

i've received an offer on a HUD ss that is calling for 6% toward closing costs because buyer has no cash and is using 100% usda rehab loan. Property is in tough shape, and i've got several low cash offers from investors. what do you think chances are HUD will go higher than 1% toward cc? Thanks much

Comment by Guerry Clegg on March 11, 2014 at 10:20am

Thanks Kevin.

Comment by Kevin - Greenville, SC on March 11, 2014 at 10:16am

there is a catch though Guerry.  Call me. 864-485-9283.

Comment by Kevin - Greenville, SC on March 11, 2014 at 10:15am

go figure. incorrect info from BOA?? say it ain't so.. FHA has no so new policy.

Comment by Guerry Clegg on March 11, 2014 at 10:14am

BoA told my seller that HUD has a new policy of not starting an FHA short sale file until there is an offer. HUD National Service hotline has told me that's not true. But has anybody run into this problem with BoA? They are usually very good.

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