Ahhh.....another Tuesday and another email from Bank of America announcing yet another change with their short sale processing guidelines. HUD has just announced that now, their Servicers will NOT review any offers presented within the first 15 days of MLS exposure.
Sounds reasonable, right???? Well...here's the "Gotcha"....
It appears that this 15 day MLS exposure time clock begins ticking when the property is listed within the appropriate price as valuated by the FHA "As-is" appraisal.
What does this mean????
It's quite simple, it means that if you're lucky enough to contract the property at a price that's reflective of the FHA "As-is" appraised value, then you're pretty good. If not, then you've automatically tacked on another 15 days to your 10 day review phase.
The saving grace is that you're allocated enough (actually more than enough) time to secure all of those highly relegated "highest and best" offers. The downside, of course, is the possibility of having to wait an additional 15 days for offer review.
The way that I see it, the best way to counteract any additional delays is to 1) Make doggone sure that your pricing is on point. The days of pricing ridiculously below market in order to solicit an offer are long gone (you shouldn't have been doing that in the first place). 2) Make doggone sure that you've secured and forwarded a COMPLETE package to your Negotiator. The absolute last thing that you want to do is to submit an incomplete package only for your Negotiator asking for additional documents. What people fail to realize is that is a missed opportunity for the file to move to the next level and will ensure an additional 3-5 business days before the file will be reviewed again. 3) Manage your Buyer's agent's expectations....there's really no explanation necessary for this one...
Hopefully, these new changes won't hamper the process too much. After all, this is a continually changing industry and niche. Sometimes, you have to just buckle your seat belt and enjoy the ride!