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Update on that FHA buyer on the FHA Short Sale

By
Real Estate Broker/Owner with eXp Realty

Well, had that conversation with the inside person at the short selling bank.  I did get to a supervisor.  Had to go that route once again because my negotiator said no to me and that we had 180 days to sell the property.  I said to her did you not realize that the appraisal will now stick to that property.  What don't you understand about HUD guidelines today for FHA? 

So off to the supervisor I went and I did get her to agree to go to HUD after suggesting that she pick up the phone and call HUD and get someone at HUD to look at your appraisal and look at the buyer's appraisal and act like underwriters are required to act in a sales transaction.  Go back to your appraiser and ask him to provide another comparable.  I told her that the appraiser will not be able to provide that comparable (I have already done a search in the area nothing exists to support it) and therefore the price of the property would be then lowered to where the buyer wants the property.  Okay she agreed

At 4 pm I got the termination from the buyer.  Is this the end result that banks want? So back on the market it goes until the next appraisal comes in.

 

 

Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

I don't get it, do you?  These banks, well some of them, I suppose, seem to totally not understand rules and guidelines and just make up their own.  I have had more than one lose a very good buyer.

Nov 19, 2009 11:31 AM
Esther Camarotte
eXp Realty - Arlington, VA

My response to them is they need to treat these appraisals the way underwriters in every bank now is required to by HUD's own guidelines - get the appraiser to provide another comparable since one of the comparables is 6 months old. Instead they asked him if he would change it.  I also found out (not from the short selling bank) the appraisal company subcontracted out the appraisal because they could not meet the time limit so I perhaps got someone not interested in doing a thorough job because the fees on these are low that they pay the appraisars.

Nov 19, 2009 11:38 AM
Marilyn Harrell
Better Homes and Acres - Beaverton, MI
Wixom Lake - Beaverton MI

If it wasn't stupid maybe it would be funny?

Dec 26, 2009 05:54 AM
Esther Camarotte
eXp Realty - Arlington, VA

and an update to this as I lost the transaction and back on the market I go is that I called the bank last week to well start the fight back up and find out that because I have passed Dec 19th I now can sell the house at that price I had on the contract.  Well . . . buyer is gone.  Now we wait for another buyer and if we don't get a closing by April well then they will foreclose.  Now that's stupid.

Dec 26, 2009 09:26 AM