Thanks for coming to TucsonShortSales.com with Keller Williams Southern Arizona. I wanted to talk to you about FHA short sales today. I’ve got a number of blog posts and videos out there on FHA short sales because I’ve been doing them for a very long time. Most of the guidelines associated with FHA short sales are from 1992 so it’s nothing new.
One of the key things about FHA short sales is knowing and understanding those guidelines and that there’s a process of doing a variance. What you do is ask the servicer to request a variance from HUD because you think whatever isn’t within the guidelines is close enough. For the most part, HUD has been fairly cooperative. They’ve got a lot of problems and they would rather get rid of some of these homes before they become their problem. If the servicer reviews this and says that they’re not going to submit the variance, we call or email HUD. We communicate a lot with the person that handles the variances at HUD and they have been phenomenal to work with; they’re very responsive, into solving problems and want to provide solutions to their homeowners. If you have an FHA loan and want to do a short sale, it’s a big deal that the short sale agent you’re working with knows and understands FHA guidelines. Ask them questions such as what FHA expects for closing costs, what their expectations on a buyer’s offer should be or something to that effect. If they don’t know the answer to your questions, you’re working with the wrong agent. The answers to your questions aren’t a secret because the guidelines are out there for everyone to read. If you’re hiring someone to handle your short sale and save your credit, you need to ensure that they understand FHA loans or things could end badly.
If you have any questions about doing an FHA short sale in Tucson, please give me a call or fill out the form on my website. Thanks again for joining me today.