FHA Short Sale Application..
Hi everyone,
Happy Holidays!
I apologize if this question has been already posted in the past, but can someone please explain in detail how an investor can do a short sale with FHA because FHA requires OWNER OCCUPANCY. When do they check? As investors, the owners will need to move out because we are buying the property, how does this work?
Thank you very much,
Bginvestor
Sorry, ignore my question above ! I read some "sub to" material this morning and got it confused with short sales.
To answer my question, the lenders will be cashed out form the existing loan.. so the main issue is just to make sure the seller qualifies for a FHA short..
Need some coffee to wake up
read my essay, Prequalify a Short Sale Candidate
It's available on TCI, or, if you can't find it, PM your Email to me and I'll send it to you in Word.
SSP,
I already have it printed. It's practically framed on the wall!
FYI to SSP -On my current short, the first BPO came in the 80's (don't know exactly).. I estimated FMV was 85k. I had him order a second BPO because he was complaining that the pics from the first BPO didn't match my pics in the proposal?? I was there for the second BPO, and it went good. Anyway, he said that if the the second came in at about the same amount, his counter off would be only 80k (net)! Seems like he should be able to go lower than that!!! I'll call him tomorrow and negotiate some more.. This is getting real exciting!!!
FHA criteria is etched in stone. Providing that the Seller qualifies for short sale relief, the lender is required to NET a minimum of 82% of the confirmed, as-is FMV.
Their net recovery must consider any escrow deficiency for forced, placed insurance, property taxes, and all mortgagee foreclosure costs.
SSP,
Yes, thanks for the info on FHA loans.
The FYI was on the proposal that you have seen with EquityOne. That loan is not FHA, but a conventional. Hope my chances are better...
Thanks,
Bginvestor
IS THERE AN ACTUAL ... FHA Short Sale Application? **Please See My Profile**