Replies to This Discussion

Permalink Reply by Bill Black on February 28, 2012 at 5:42pm

Go straight to HUD.... the approved price is ONLY for a set time. They complete appraisal and request 88% net of FMV first 30 days- then 86% next 30 and then 84% next 30.... If the appriasal is older than 90 days then DIL usually is an option. Looks like it needs to be escalated though via HUD as they have a viable seller and expect B of A to manage it in a timely manner. (But they don't) It is an HONOR to service FHA loans as it pays about 30% more than regualr loans so HUD requests them to do it right. Hope this 2 cents helps.  

Permalink Reply by Andy Stetz on February 28, 2012 at 9:19pm

Thanks, for your response. I called FHA and the person I spoke with was extremely helpful. I was told to have the sellers agent and his clients to contact "The National Servicing Center" at 1-877-622-8525. I passed this on to the sellers agent and he followed through. NSC gave him a phone contact to BOA escalation. There he found out that his negotiator was gone (on vacation?). They couldn't even find the file. However, if the escalation is not resolved by tomorrow he is to call NSC back and they said they would take care of the problem. We will see. I also downloaded a copy of the BOA Escalation Guidebook and emailed it to the agent. He was not aware that it existed. I hope this information is helpful to someone. I think many times the buyers agents may give up too soon or accept lukewarm answers from the selling agent when they need to step up and help the sellers agent. It may be that the sellers agent is just too inexperienced in short sales to know how to deal with a difficult situation.

Permalink Reply by Bill Black on February 28, 2012 at 10:22pm

Your a good man Mr. Stetz for asking the questions and sharing the answers. That is what team work is all about and it takes a village these days to stay up on the banks. Great work- keep us in the loop on your success. 

Bill Black- Washington State Distressed Property Expert

Permalink Reply by TOP END Properties on June 18, 2013 at 10:33pm

Expect a 6-9 month turn around for 'pre-approved' FHA Short Sales.

Permalink Reply by Mike Aubele on April 4, 2014 at 12:51pm

Call HUD in Kansas City and open up a ticket to tell them directly.