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FHA Short Sale Process – Flagstar

by Atlanta Short Sale Agent on April 27, 2010

Roswell, GA – Atlanta’s Premiere Short Sale Specialist Team closed another short sale last week.  Located at 620 Pine Grove in Roswell GA, this home was an FHA Short Sale through Flagstar.  There were many hurdles that are common with FHA short sales, but at the end of the day those hurdles are not comparable to other ones associated with non-fha short sales.  Here’s the common problems, or wrinkles with FHA short sales:

  • If the bank does not know how to handle them (Bank of America), then your file could be processed then have to go to the back of the line to start over.
  • FHA does not pay seller concessions (closing costs), except for 1% if the buyer is getting an FHA Loan
  • FHA does give up to $1,000 to the home owner for “moving expenses” however, in many cases this will need to be waived in order to assist the buyer in paying for closing costs.  Some banks like, Citi, make this decision for the home owner, other banks leave it up to the home owner.
  • There is an FHA Appraisal done on the property.
  • Different banks use different timelines.  In theory, the home owner and realty should have at least 90 days to sell the property after receiving the pre-approval letter.  In some instances (Suntrust), the time starts when the process starts.

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Do You Have An FHA Mortgage? Short Sales Are A Breeze

by Atlanta Short Sale Agent on December 22, 2009

If you have an FHA mortgage then you might qualify for your lender to “pre-approve” your short sale with what is called a “Pre-Foreclosure Sale.”  I can’t tell you specifically how the two are really different at the end of the day.   However, I can tell you that we are closing short sales in record time thanks to the FHA process and guidelines.

What are the benefits outside of the quick closing?  The Seller can sometimes get up to $1,000 at the closing for moving expenses!

One side note is that if your Servicer/Lender is unresponsive, like Bank of America, you have to actually APPLY by calling and specifically requesting to Apply for the FHA Pre Foreclosure Sale plan.  They’ve got 60 days to review your application.

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