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Novad Short Sale Appraisal
If you need to do a short sale with Novad, one of the first items one needs to send in is the request for appraisal form. You can email it to their address email@example.com and that should trigger a request for an appraisal to be ordered. One of the main guidelines for a reverse mortgage short sale that is insured by HUD is that they will accept an offer at 95% of the appraised value, if the loan is in default. If the loan is not in default, they may want 100% of the appraised value to accept a short payoff.
Reverse mortgages can be in default due to borowers moving out of the house, being deceased, or not paying taxes and insurance. There may be other reasons too, but these are the top ones.
Reverse mortgage short sales do take a bit of time but there is less red tape and potetnail complications than a traditional short sale with multiple mortgages and/or investors.
If you need Novad Short Sale help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.