REO Appraisals Must Be Used For FHA Financing?

[RSW]

What are you talking about? HUD requirements or M & M contractor requirements?

This is the way these are sold, period. If you don't believe me, fine. Check with the M & M in your area or call the HOC.

The buyer's escrow is deposited from the proceeds of the Buyer's loan. The work is completed and inspected, then the escrow proceeds are released to the contractors. Any leftover amounts go to reduce the borrower's loan amount. This appears to have changed a bit from the 2003 timeframe when I was doing FHA REO work, and may alleviate the catch 22 situation that existed at that time. This is only in the case of an FHA loan for the purchaser.

The listings in our area have a specified escrow amount which includes a 10% overrun over and above the deemed required repair amounts.

Don't get your panties in a wad! Take a breath!

 

[LI-Appr]

Don't get your panties in a wad! Take a breath!

How sexiest can you get? Shame on you for that comment.
So now you don't like MBs and women are on your list 2?

 

[Caterina Platt]

Don't get your panties in a wad! Take a breath!

The condition of my undergarments is just fine, thank you.

Your style of questioning is a bit brash, IMHO.

You asked for my reference, I stated my reference. Then you went onto worry about whether it's a HUD requirement or the M & M contractor's way of doing business and question the existance of the escrows. Really, I wasn't present when HUD and the M & M contractors worked out the processes.

If you don't believe me, so be it. Call your HOC.

 

[PropertyEconomics]

Don't get your panties in a wad! Take a breath!

Another fine example of manliness ... GEEZ