Today we are joined by Jeff Rubenstein. He crushes short sales in northern Colorado. Since Fred is no where to be found, Jeff is filling in with a nice little tip.
When you receive an approval to participate in an FHA short sale, it means that your short sale has been approved before you even get an offer. Once the homeowner is accepted, you receive a form 90045 which gives all of the terms and conditions for a successful short sale. There is an appraisal price and the minimum net proceeds are also on that document. In addition, there is a step down showing you what is acceptable after 30 days and 60 days and 90 days.
BONUS: The servicer of the loan can not get HUD approval on a contract until the homeowner has been accepted into the HUD preforeclosure sale program. Make sure the servicer is doing their job.
Do you have short sale questions? Read the Short sale FAQs.
Are you a Realtor? Then get free short sale training from Kevin and Fred at Free Realtor Training on ShortSalePowerhour.com
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