Crestview Short Sale Approved By GMAC as HUD / FHA Short Sale

    This beautiful home at 610 Adams Drive, Crestview Florida was just approved for short sale by GMAC

Mortgage Type:  FHA /HUD

Approved Price:  $115,000

Approval Time:  108 DaysSince this was an FHA/HUD short sale, special procedures had to be followed.  The seller was required to write a letter explaining why the home was vacant.  FHA short sales typically require the owners to occupy the property.  In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing.

Sales notes: 

Do you need to sell your FHA-insured home as a short sale?  Here is the updated summary of requirements for HUD Short Sales, also called “Pre-Foreclosure” Sales:

  1. You must be delinquent 31 days or more at the time of sale.
  2. You must list the property with an un-related Licensed Real Estate Broker
  3. You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
  4. The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
  5. There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
  6. HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
  7. HUD allows 6% Realtor commission
  8. HUD will not pay for Home Warranties, points or lender’s title insurance
  9. You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
  10. Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions

Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program.  Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.  These guidelines are subject to change.

HUD Frequently Asked Short Sale Questions

For more information contact the HUD National Servicing Center. Contact me to help you with your short sale.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Crestview Florida Real Estate

Crestview Short Sales

Read Wendy’s Short Sale Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: [email protected]

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *