Recenty, I was asked whether HUD has specific requirements for an FHA-insured Short Sale. According to Sue Goad Sue@GoadTeam.com with Century 21 Infinity/The Goad Team in Las Vegas, NV, " The process tends to be about 30 days longer as the bank gives their approval, and then Fannie Mae gives their approval. So, it's almost like having to wait a second time around. In addition, you should note that as agents we're never in contact with Fannie Mae directly. The bank requests the Fannie Mae approval, and then issues their short sale approval. In my experience, they have NOT generally had special requirements that differ from the traditional short sale guidelines with most banks, but the last Fannie/Freddie backed loan that I had was a couple of months back. They want the offer to garner the bank a certain percentage of what the property is worth, etc."
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