Dayton Ohio Short Sales

Just wanted to give you all an update on HUD guidelines. We work a lot of Dayton Ohio Short Sales and are constantly working to improve our knowledge. We found a few things this last week that may help...

• We all know that HUD wants to net a certain amount in a Dayton Ohio short sale but did you know they have a minimum amount they will accept on a short sale based on the original loan amount.
• We have an offer for about 95% of appraised value and they are saying NO to the short sale.
• That is in fact a HUD guideline.
  
• What you can do and what we are doing for this particular Dayton Ohio short sale is asking HUD directly for a variance on that rule.
• The "logic" in this is that they think they can "hold on" and prices will bounce back and they will do better as an REO rather then a Dayton Ohio Short Sale.

So, if you are working on a HUD/FHA short sale then this is something you will want to check out...

• What do they owe
• what was the original loan for
• manage the appraisal... not like normal, looking for low value but trying to be sure they don't come in too low???

Hope this helps.