HUD short sale

[PushinValue]

Hello,

I have a listing agent saying compulink told her to "get an appraisal" for an FHA reverse short sale release. I called the hotline and they sent me instructions "contact compulink and HUD will order and appraisal"

Has anyone ever been engaged by a realtor for an FHA short sale valuation?


Thanks!

 

[Mike Ault]

Hello,

I have a listing agent saying compulink told her to "get an appraisal" for an FHA reverse short sale release. I called the hotline and they sent me instructions "contact compulink and HUD will order and appraisal"

Has anyone ever been engaged by a realtor for an FHA short sale valuation?


Thanks!

Absolutely. That's one of the instances where an actual appraisal is required. Just do it. Make sure that you have an FHA case number.

 

[Zoe]

Yeah. It is fine for agent to be your client. You are doing the appraisal for the agent. You do need to know FHA is involved like previous post because FHA has skin in the game.

New assignment. FHA may want to see if somebody would assume the current mortgage. It is fine for the agent to be your client. Just don't forget FHA. FHA has skin in the subject property.

In some regards that is like you accepting an assignment from one lender and then borrower goes to another lender. You can't engage with both lenders without being real careful.

 

[PushinValue]

You have done one ordered by a realtor ?

 

[Mike Ault]

You have done one ordered by a realtor ?

Sometimes the realtor is the only POC for the interested parties. The servicer (Compu-Link) isn't going to bother jumping through hoops getting the lien released and they more than likely don't have any appraiser relationship in your area. Your primary concern should be that the realtor provide you evidence of an FHA case number specifically assigned to you. Then your only other concern is getting paid since this assignment isn't being ordered through typical lending channels.