FHA Short Sale

[Noreen]

there is such a thing as unacceptable lender requests. If the people involved are not knowledgeable, then they make these types of unacceptable demands, they are wrong, call the HOC, give them the Case #, lender and person at the lender ( the lender is responsible for the bad behavior of their third party AMC) Don't let anyone push you into anything that you know is wrong.
good luck!!

As has been discussed by others, if that is the guidelines that apply, I misspoke.

 

[Noreen]

there is such a thing as unacceptable lender requests. If the people involved are not knowledgeable, then they make these types of unacceptable demands, they are wrong, call the HOC, give them the Case #, lender and person at the lender ( the lender is responsible for the bad behavior of their third party AMC) Don't let anyone push you into anything that you know is wrong.
good luck!!

As has been discussed by others, if that is the guidelines that apply, I misspoke.

It has been indicated that the lenders name on the order included "CWCOT." Given that, the odds that the lender is asking for something "wrong" seem low.

There is nothing wrong with requesting an "as is" appraisal on CWCOT work. In fact, it is required.

After 22+ years of FHA work, this is my "Learn something new every day" moment for today.

And I defer to this Dan, have never had this type of assignment. I stand corrected.

 

[DWiley]

After 22+ years of FHA work, this is my "Learn something new every day" moment for today.

And I defer to this Dan, have never had this type of assignment.

I only know about them because we order them everyday. . When we were first approached about doing PFS and CWCOT work for clients I had to research it myself. I never heard those terms when I was out in the fee world.

I took an FHA class last year when the handbook changed, and no one in the class (including the instructor) was aware of this kind of FHA work. I brought it up during the class, just because I have seen a lot of threads like this one.

 

[glenn walker]

NOT Correct FHA/HUD has many Foreclosure & Short sale programs and even modify loans for short sales that do not fit into the 4000.1 manual ** The appraiser needs to contact their HOC give them the case number and see how to handle it ? FHA/HUD even has 2055 drive by reports done on some properties that are either tenant occupied or have hostile borrowers in the property to try to determine if the property is standing and what a range of value would be.

We have done FHA/HUD REO'S with no utilities turned on and often the walls are broken down or it could have even been burned down and most are "as Is" The only good advice is call your HOC and get some informed advice BUT in this case I would turn the assignment down because it should be handled by one of the appraisers who does asset disposition or vacant FHA/HUD homes on a regular basis.

 

[residentialguy]

Post is hard to read, being all in italic. Don't know if you're quoting or what.

 

[glenn walker]

I was simply trying to educate appraisers that FHA/HUD has many programs involved in loss mitigation that are not in the regular part of 4000.1 and not used for FHA purchase or Refinance Appraisals *** The best advice for that appraiser is to contact His-Her Hoc. We all know how to do a regular FHA appraisal these can be different because the utilities are turned off, the property has often been vacant for months and often vandalized.

 

[residentialguy]

Try putting just the quotes in italics, Glenn. As I said before, "Post is hard to read, being all in italic"
Now read my post and compare it to yours.

 

[Tom D]

wow, what a good post. the best FersHA-ers to listen to here.