logo

Important FHA Guidelines That Will Make Or Break Your Short Sale

logo

Hello everyone Shawn Polston here with Tucson Short Sales and 520 Short Sales thank you for joining me. I work with Keller Williams Realty in the Tucson area and use my blog to share my experience with underwater property owners. If you are facing foreclosure or at risk of defaulting on your mortgage please contact me today to discuss all of the options for selling your home.

Today I wanted to talk with Tucson homeowners who have their mortgage through the FHA about their specific short sale process. These loans are guaranteed by the FHA and since this is government sponsored program they actually do not refer to it as a short sale. Regardless of who the servicing bank is, whether Wells Fargo, Bank of America, or another lender, selling your FHA property for less than what it’s worth will follow very set guidelines. The first step in getting an FHA approval is submitting a valid offer to your lender along with your financial information. Once this is submitted we will need to receive what is called an approval to participate from your lender to start the short sale process. After we have received this from your lender they will send out a specialist to appraise your home to determine a fair market value. In order for your short sale to be approved the offer that we submit to the bank must be fairly close to this appraised value from the FHA. For this reason it is important your short sale agent has FHA experience. We will need to get a good price for your home and the FHA simply won’t allow us to accept a low ball offer.

If your mortgage is backed by the FHA and you are considering a short sale please browse my website or call me to learn even more. Thank you for your time and I look forward to helping you in the future with your underwater property.

Leave a Reply

logo
logo
Designed by Targeted Niche Traffic™ (TNT) Lead Generation System by Direct Business Marketing