FHA PRE-Approved Short Sale Explained

What is an FHA Approved Short Sale? Well I am about to explain it to you by example. The picture below is one of my listings and it has already a Pre-Approved Short Sale by FHA. What are the benefits to a buyer looking in today’s real estate market? 1. Pre-Approved Short Sales mean no more waiting for the Bank to respond. It is ready to close as soon as the buyer is ready then a closing can be scheduled. 2. FHA has already had the property Appraised by an FHA appraiser. No guess work on what it’s worth. 3. FHA has pre-determined Net to closing they want to receive at Closing. 4 FHA will assist buyers with some closing costs as long as the Net amount is within the amount approved by FHA. What are the Qualifications and Benifits to a Seller? 1. Sellers must have an FHA mortgage and have a hardship. 2. Sellers will be given 120 days to list and sell their home and another 60 days to close after receiving an offer. 3. FHA will convert any home not sold within the above time frame to an automatic DEED-IN LIEU. 4. Sellers will receive assistance from FHA to move out the home. Most incentives are around $750.00 on the HUD-1. Any homeowner who has a FHA mortgage should consider an FHA Short Sale.

 

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5701 Sheridan Unit 16- R Road Chicago, Il

WOW… WHAT A GREAT PRICE FHA APPROVED SHORT SALE!!!

List Price: $93,000

 1 bedroom/ 1 bath unit with additional room which could be used as a den/office or bedroom. Convenient location. Near Lake, Lake Shore Drive (LSD) and Beach. Deeded Parking, Full Amenity Building with Doorman, Laundry Room.

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