A REAL Pre-Approved Short Sale

A veteran agent on our team today had an epiphany. After years of working in the industry as a top 5% producer, she learned for the first time that FHA and VA borrowers in default can apply for a short sale ahead of having a contract on the property.

FHA and VA borrowers with provable hardship and who meet other requirements of the programs may be given a pre-approved minimum acceptable net and marketing period. The borrowers have to seek the services of a licensed agent to help them with the sale.

As agents looking to differentiate yourself in seller services while simultaneously looking for a marketing edge to attract buyers, the FHA and VA default sellers is a niche you should target.

You can purchase pre-foreclosure or NOD lists that are specific to FHA and VA loan types. Tailor your marketing message to meet the offer of FHA and VA. Your knowledge of the programs is a fantastic foreclosure defense for these borrowers.

After receiving the pre-approved minimum net you can market confidently an “APPROVED SHORT SALE NET” in the MLS remarks. Buyer’s agents hesitant to show short sale properties will show yours.

If you want some more information on both programs – use the links below.

http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm – Info on HUD about PFS Program

http://www.vba.va.gov/ro/houston/lgy/compsale.html — Info on the Houston Regional Loan Center Site

Both programs come with fine-print criteria you need to know. Feel free to Ask an Expert any of your FHA or VA short sale quandaries.