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More Changes to HUD's FHA Pre-Foreclosure Sales Program!!!
Ahhh.....another Tuesday and another email from Bank of America announcing yet another change with their short sale processing guidelines. HUD has just announced that now, their Servicers will NOT review any offers presented within the first 15 days of MLS exposure.
Sounds reasonable, right???? Well...here's the "Gotcha"....
It appears that this 15 day MLS exposure time clock begins ticking when the property is listed within the appropriate price as valuated by the FHA "As-is" appraisal.
What does this mean????
It's quite simple, it means that if you're lucky enough to contract the property at a price that's reflective of the FHA "As-is" appraised value, then you're pretty good. If not, then you've automatically tacked on another 15 days to your 10 day review phase.
The saving grace is that you're allocated enough (actually more than enough) time to secure all of those highly relegated "highest and best" offers. The downside, of course, is the possibility of having to wait an additional 15 days for offer review.
The way that I see it, the best way to counteract any additional delays is to 1) Make doggone sure that your pricing is on point. The days of pricing ridiculously below market in ... more
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