FHA Short Sale

[residentialguy]

Now the AMC is stating that they will not be paying me as I will not do as the lender requires.

Who is the lender and the AMC?

 

[DWiley]

Tim, what does it matter? It is for FHA with a FHA case number and must be done within FHA guidelines.

Suggest that you look at the FHA 4000.1 for guidance on PFS and CWCOT programs. There are lots of appraisals done everyday for FHA-related work that are (and must be) done "as is." Many of the things that apply to origination appraisals do not apply to PFS and CWCOT.

 

[timd354]

Tim, what does it matter? It is for FHA with a FHA case number and must be done within FHA guidelines.

Tim, what does it matter? It is for FHA with a FHA case number and must be done within FHA guidelines.

It makes a huge difference...if the appraiser was hired by the existing mortgagee for the intended use of evaluating the value of the collateral in order to determine whether or not they will approve a short payoff of the mortgage, then the appraisal can and most certainly should be performed "as is" as it would not be an origination appraisal but is being utilized by the servicer for purpose of determing whether or not to accept the short payoff.. I don't know whether or not that is the intended use of the OP's appraisal, but it is a pertinent question.

 

[residentialguy]

It makes a huge difference...if the appraiser was hired by the existing mortgagee for the intended use of evaluating the value of the collateral in order to determine whether or not they will approve a short payoff of the mortgage, then the appraisal can and most certainly should be performed "as is" as it would not be an origination appraisal but is being utilized by the servicer for purpose of determing whether or not to accept the short payoff.. I don't know whether or not that is the intended use of the OP's appraisal, but it is a pertinent question.

Suggest that you look at the FHA 4000.1 for guidance on PFS and CWCOT programs. There are lots of appraisals done everyday for FHA-related work that are (and must be) done "as is." Many of the things that apply to origination appraisals do not apply to PFS and CWCOT.

After you guys are done patting each other on the back, maybe you'd like to post the FHA link that states that even though it's FHA order (replete with a FHA case number), the appraiser doesn't have to follow FHA guidelines. And then state what guidelines the appraiser has to follow after that, please.
Thanks!

 

[Mr Rex]

TX indicates cal the HOC. The only advice he offers that makes sense. As noted, there are occasions when FHA appraisal protocol is relaxed. I don't think FHA would be too happy with a roster appraiser refusing to do a short sale appraisal to get a property off the FHA roles due to lack of utilities unless the appraiser is doing an appraisal that will be insured by FHA in the future.

 

[timd354]

Tell them that they are pressuring the appraiser to be misleading which is an illegal act

Unless you know the intended use of the appraisal, you do not know whether or not that is the case

 

[residentialguy]

I know the intended guidelines: FHA

 

[timd354]

After you guys are done patting each other on the back, maybe you'd like to post the FHA link that states that even though it's FHA order (replete with a FHA case number), the appraiser doesn't have to follow FHA guidelines. And then state what guidelines the appraiser has to follow after that, please.
Thanks!

Where does the OP state that she has a FHA case # and even if she does, is it the FHA case # for the existing loan that is being short paid or is it the case # for a new origination?

 

[residentialguy]

Where does the OP state that she has a FHA case #

Now the AMC is stating that they will not be paying me as I will not do as the lender requires. I did bring this issue to the AMC yesterday and they told me to proceed with "Subject to". After I submitted the report, now they state they will not accept the report unless I meet lender guidelines and will not be paying me. And of course I can not do as they request as it does not conform to FHA requirements. I seem to remember something about letting HUD/FHA know about these types of problems from a seminar I took long ago. But I'm not sure how to proceed. I do have the FHA case number...of course. Any information would be appreciated.

 

[DWiley]

I know the intended guidelines: FHA

Did you take my suggestion to review those FHA guidleines for PFS and CWCOT deals? The "FHA guidleines" are not the same for all assignments. Its all right in the 4000.1. You only have to look.