FHA SHORTSALES

I am trying to focus my time ansd attention on cetain leads that have better opportunity to comeing to fruition.



I think FHA may be a good area as from what i understand they must accept 82% of BPO and per HUD must entertain SS. If I meet the BPO at property and get the BPO to come in 10-15% less than FMV ,,, well then ive got a deal and it seems as that proccess would work much smoother with more co-operaion on the part of the lender?



Assuming the above is correct> of the fha leads i have how should I screen those to further qualify closing opportunities.



Any of parameters that i could use to focus my attention would be greatly appreciated.

Comments(2)

  • FRANK00716th March, 2008

    I meant that by showing low comps and repair etc. i could influence BPO. I have done this and been succsessful in getting large equity positiona on short-sales then wholesaling to investors.

    I posed the question of what specific type of SS opportunities to key in on.

    Do you have any advise in context to that?

    Thanks

  • ShortSalesinCO17th March, 2008

    FHAs are good. Lenders are far more concerned whether or not a transaction is "arm length" though.

    Also, all FHA SS use appraisers not BPO agents. They have a tendency to be a little tougher, more tight lipped and harder to influence. As long as you play the rules, your purchase price can be 82% of BPO almost all of the time.

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