Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on May 28, 2011 at 9:41pm

Deborah,  Do you have a copy of the FHA As-is Appraisal?

Permalink Reply by Deborah Weiss on May 28, 2011 at 10:05pm

No, but I am going to request a copy as per Joy Bakers suggestion.    Great idea as the appraiser looked me right in the face and said this house wasnt worth more than 120K.  And then 30 days later, I am being told to list the home at 160K and to net them 143K.  My offer is 110K.

Permalink Reply by Joy Baker on May 28, 2011 at 9:58pm

Deborah, how many FHA appraisals have been done on this property and do you have a copy of them?  You and your clients do have a right to receive a copy of the actual appraisal.  The servicer may try to tell you that you don't but they are incorrect.  FHA Guidelines specifically state that they must supply the appraisal upon request.  That is step one because the Approval to Participate price is suppoes to be the "as is" value on the appraisal.  If the value on the appraisal itself is too high, you can contest and request another appraisal.  Again the servicer may try to tell you that is not possible, but again they would be incorrect. Go right to HUD to fight it if necessary.  It can be done.  I just closed on one that was a fight from day one and, I am happy to say, my clients and I won!

Permalink Reply by Deborah Weiss on May 28, 2011 at 10:02pm

Joy,

 

thank you, that will be my first step as two appraisals in two years..Is there a direct line or recommended number for HUD for appeals?

Permalink Reply by Joy Baker on May 28, 2011 at 10:19pm

Are you dealing with a specific negoatiator at Citi?  If so, try an email with this verbiage:

FHA Mortgagee Letter 2008-43 (Section E) and all subsequent updates, including the most recent one dated November 17, 2010, indicate that the Mortgagee must provide a copy of the appraisal to the homeowner, sales agent or HUD upon request. 

Please consider this my formal request as the sales agent.

If that doesn't work by itself, call HUD's National Servicing Center at (877) 622-8525 and open a ticket.

 

Permalink Reply by Deborah Weiss on May 28, 2011 at 10:41pm

Thank you for all the great information....

Permalink Reply by Kevin - Greenville, SC on May 28, 2011 at 10:13pm

Deborah,

 

Why is the Approval to Participate for $160,000 if the Appraiser said the house was not worth more than $120,00?  The Approval to Participate is suppose to reflect the FHA As-Is Appraiser.  Demand a copy of the Appraisal!

 

They are suppose to provide one both to the Homeowner and Sales Agent upon request.

 

http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14626.pdf

 

Contact - Darrell Powell - darrell.l.powell@hud.gov

 

 

 

Permalink Reply by Deborah Weiss on May 28, 2011 at 10:43pm

Kevin,

 

Thank you for the contact.  

 

I have another client with a BOA, FHA, who doesnt want to list their home until the approval to participate letter is received.  They have been trying for two months to get someone from BOA to send out an appraiser.  somedays customer service says they have all they need for the appplication and when we call the next day they say they dont see any documents loaded.  Then on the third day we are told someone will call us in 7 days.   Still as of today, no calls, no appraisal, no nothing.   Do you think the hold up is that their is no listing agreement signed yet?