Im getting alot of requests from buyers of shorts sales who are applying for FHA loans and need the sellers concession in order to close. In a verbal from BOA, they claim if the orginating loan is…Continue
"try calling Jamie Diamonds office at 212-270-1111 and advise you want to do an incentive dispute for a short sale. they will put you intouch with the short sale deparment at the administrative level. You can apply for a…"
"my client was just HAFA approved but was over appraised. Wells wants 345K list and im getting offer nearer to 290K. My question, can the homeowner contribute cash on a FREDDIE HAFA? Or has anyone disputed the appraised value and…"
"Sounds as if then any realtor will be able to handle these transactions and not just us short Sale specialists that have devoted so much of our time to learning the rules and helping clients thus far.
"If a client is going to let foreclosure, isnt it better to to a deed in lieu due to the liability issues for the property owner. Its my understanding that if someone falls on the property that the homeowner is responsible and until the bank…"
"- In Illinois tampering with the BPO is a fraudulent activity that gets reported to the BPO Management companies and can undermine everything you're trying to do for the client. Discussing/steering value is one thing. Pointing out contractor…"
"Patti, agreed things are changing. My biggest obstacle is the banks appraisals and BPO agents that set the price for the bank. I meet these agents at the home everytime and pull the comps and discuss the repairs needed and the…"
"I know that the FHA must have an FHA certified appraisal and Im not sure they would take from another source. Its a great idea and I would order one each time, if we knew it would be considered. What has your actual experience been…"
Thank you for the contact. I just printed and read the HUD program. I see that the procedure is for the Homeowner to get an FHA appraisal, and then submit an offer that meets the guidleines. It…"
"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…"
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…"
"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…"
SFR (Short Sales and Foreclosures Resource), Equator Certified
Short Sale Transactions Completed
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
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Broker Associate with Critelli & Kilbride REaltors in Holmdel, NJ.
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September 19, 2010
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- In Illinois tampering with the BPO is a fraudulent activity that gets reported to the BPO Management companies and can undermine everything you're trying to do for the client. Discussing/steering value is one thing. Pointing out contractor statements for structural issues that can be documented another. Not allowing the BPO agent to complete the 3rd party "independent" opinion of value evaluation -well, this is what the mgmt. co's. have to say about this. This is from EML's BPO site and others have increasingly made BPO agents sign and report any indications of what you've mentioned or face being involved in collusion with you. If you don't know how to do BPO's another referral resource on completing them is NABPOP's guidelines book. For those that feel they know how to do them but aren't "trained," and want to be on top of it.
A better option, from my perspective is to counter the BPO value after it comes out by doing your own when you list it and creating a list of problems accompanied with a contractors estimate to fix or your best guesstimate (since you'll have to pay to get a contractor to the house and waste his time so you can make money) and again when it get's the official BPO which should be accompanied by your buyer's inspection results, (actually, if you're on top of this-you should get the inspection off the table 1st), so you can help the negotiator with a final decision based on seen and unseen flaws without getting into this collusion issue. Being put on the do not work with list with the lender will hurt your chances of working, believe me. Please check what your state's rules are on this issue. Here, it's a real problem.
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