Tags:
Sounds like you are at the counter offer stage which would be one of the later legs in the short sale process. Once you pass the counter phase if all fee's and the purchase price are within guidelines, they will audit the file for completeness prior to submitting the file to upper management/investor for final review (short sale approval decision).
You are almost there!
310-564-6389
Tammie - Something was amiss in the delay of your initial offer and a response from Bank of America. Who knows what happened, but someone dropped the ball. Thankfully, you are back on track and you should have a response in a reasonable time period.
Wendy Rulnick
850-650-7883
In simple terms a variance is a request to allow something that differs from HUD's guidelines. A variance can be used for extending the ATP, extending a value, requesting a lower NET to be approved, among other things. They had to request HUD to approve something on your transaction. If you find out what the variance was placed for, you will have more information about what truly is transpiring.
310-564-6389
can take a week or two if you just let it take its course. Typically I can have variances approved within 48 hours when I reach directly out to a HUD contact.
310-564-6389
Yes, a variance can be placed for that. How long has the property been vacant for?
Sounds like the variance was approved for the non-occupancy which is a good sign. When a property going through a FHA short sale is vacant over a year it is a red flag. The ATP is issued once an appraisal is completed and the homeowner is granted permission to move forward with a short sale. The ATP will state what the appraisal came in at and the proceeds needed to make the transaction work. That document needs to be executed by the homeowner and will determine whether your current offer is in line with their value to be approved. If in line with their value and all fees are inline with HUD guidelines, the negotiator will ensure all documents are in and completed properly prior to submitting the file for final audit prior to approval.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.