http://fridaycoffeebreak.com/topics/real-estate/do-i-need-an-offer-to-get-a-short-sale-approved/ Weekly Preforeclosure Updates from Patrick Precourt Tue, 08 Nov 2011 16:01:16 +0000 hourly 1 http://wordpress.org/?v=3.3 http://fridaycoffeebreak.com/topics/real-estate/do-i-need-an-offer-to-get-a-short-sale-approved/comment-page-1/#comment-198 Rich Fri, 18 Sep 2009 17:28:36 +0000 http://fridaycoffeebreak.com/?p=383#comment-198 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. 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.

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