FHA and VA : Do I Need An Offer To Get A Short Sale Approved?
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateSep 18th, 2009 | one response
FHA has revamped the way they discount and has caused some confusion in the industry! Listen in as I go over how they have a sliding discount scale and what those discounts are. This video also covers how I did on my first Mixed Martial Arts Fight, where to get an option contract that allows everyone to market a home , negotiate with the lender then sell to an end buyer for a profit (if there is any), the truth about the benefits of a back to back closing versus a Monday to Monday close and much more. Visit www.FridayCoffeeBreak.com and www.ShortSaleDailyNews.com for more real estate specific videos and articles.
One Response to “FHA and VA : Do I Need An Offer To Get A Short Sale Approved?”
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Pat, As a point of clarification on the FHA response to the sliding percentage discount scale. Listing the property ahead of the appraisal is just to create a listing history trail. The discount changes from 88% to 86% and then to 84% change on a monthly basis and are set into motion by the date on the Approval to Participate form. It used to be the lenders across the board would go through the approval process for an FHA SS and issue an Approval to Participate without a contract and HUD. I just submitted two FHA applications to participate to Wells Fargo and have been told by a supervisor that the file will not be assigned without a contract and HUD. If I get an offer in the meantime I will send it in, but I will also badger them with status inquiries to see if they are blowing smoke or not.