FHA Short Sale / Pre Foreclosure

We have seen a good deal of short sales lately and have managed them effectively but have not seem as many FHA problems.  We are in the process of negotiating a short sale on an FHA property now and wanted to make others aware of a few things as well as ask some questions.

First: We have seen that the lender will require the home seller/borrower to sit thru a counseling class with a HUD approved counselor.  Apparently this in not a HUD requirement but is specific to each lender… are others seeing this?

Second:  The lender will approve the property/homeowner BEFORE an offer is received, it will then have to come in acceptable to their appraised value.

Third:  In the current case they will pay NO buyer closing costs.  No matter what the net to the bank is they will not pay closing costs… While this makes no sense they will take a lower of several offers over paying closing costs and NETTING MORE from another offer?  Are others seeing this?

If you are a consumer that is behind on your payments please don't wait, call us today and we can consult with you on your options.  A short sale or pre foreclosure sale may be the right option for you.  There are other options to a short sale or pre forclosure sale you will want to consider and discuss the pros and cons of.  We can help you with that and at NO COST TO YOU, the bank pays our full fee on your behalf is a short sale or pre foreclosure sale is the path you choose.  If you choose another path then we will help all we can in good will, knowing that when you do find you have a real estate need we will be the ones you use or refer to others that can use the services of a talented, honest and ethical team of professionals.  We can assist anyone in the state of Ohio but specialize in the greater Dayton area including Centerville, Miamisburg, Kettering, Bellbrook, Springboro, Beavercreek, and others. 

Thanks,

Mark Ryan

www.MarkRyanGroup.com