FHA & HUD Short Sale (NC) ?
Hi there. I tried to search using keywords but I can't seem to search (w/o upgrading membership, so I"m looking into that). Does anyone have experience w/FHA ss? I read the
"Prequalify a Short Sale Candidate" article and wanted to get a headstart in the event this is a good candidate (I know how busy you all are). Just wanted a heads up on how to deal w/FHA & HUD. There are several houses for sale in this subdiv, so I am separating the owners ready to sell from investors from pre4closures right now.
There is an owner in 4closure w/an FHA loan. I'm talking to them now (pre-qual for a short).
Thanks in advance!
BTW, since I could not do a search I'm reading thru the list. Found a few answers re: FHA insured....still reading, but would love your straight to the point do's/don't/can't.
Yes, the FHA does approve preforeclosure short sales.
Owner occupied with bonafide hardship.
They'll want 85% of the confirmed, FMV.
They won't allow junior liens to be paid more than $1000 or so.
[addsig]
Thx. I read a post on 5/6 & jotted down that info. Bottom line, w/FHA insured there is a "bottom" re: how low they will go.
Now, what happens if it's 4closed, do they lower their #'s if they're unable to move the prop w/in X months? They are still buidling in this community & there are still new units unsold.