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FHA Short Sale Guidelines
You must list the property with a licensed real estate broker who is not related to you.
You must be at least 31 days delinquent when you sell the home.
You have to keep the house on the market for at least four months, possibly as many as six
For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the "as-is" appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the "as-is" appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the "as-is" appraised FMV.
The home must be owner-occupied; exceptions are made for death, divorce, unemployment, or job transfer.
Realtor commissions cannot be more than 6%.
You have to be pre-approved in order to be qualified for a short sale.
HUD will do an appraisal to determine what the market value is.
HUD will notify the Broker of what they are willing to accept as a pay off.
There must be documentation proving your decreased income or inability to make the mortgage payments.
HUD will reimburse the buyer for up to 1% of the mortgage as part of closing costs if the new mortgage is also FHA-insured.
HUD will not pay for points, home warranties, or lender’s title insurance.
All short sales must be “arms-length” transactions.
HUD will pay the lender up to $1,000 if the sale is closed within 3 months from the date of application
HUD will pay up to $1,500 for the discharge of secondary liens after the primary lender’s incentive has been applied.
The borrower must not be encouraged to default on their mortgage in order to participate in the short-sale program.
The property may not be an investment property
Your Contact Information
Please provide a valid email address.
Number of Bedrooms
Number of Bathrooms
1000 - 1500
1500 - 2000
2000 - 2500
2500 - 3000
3000 - 3500
3500 - 4000
4000 - 4500
4500 - 5000
5000 - 6000
6000 - 7000
7000 - 8000
8000 - 9000
9000 - 10,000
Type of Property
Less than $300,000
$300,000 - $500,000
$500,000 - $700,000
$700,000 - $900,000
$900,000 - $1,000,000
$1,000,000 - $2,000,000
$1,000,000 - $2,000,000
$2,000,000 - $3,000,000
$3,000,000 - $4,000,000
$4,000,000 - $5,000,000
When do you plan to sell?
Please list the additional amenities of your house.
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