Posted on Mar 14, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Do you have an FHA loan on your property and maybe you’re considering doing a short sale? If you do, short sales on an FHA loan are a little bit different; they can be serviced by Wells Fargo, Chase, or Bank of America and many other servicers out there. Depending on where the market is at the time you are considering a short sale there are actually different advantages. FHA will actually order a full blown appraisal on your property. There are two ways to do this, if the market is continuing to decline, we might want to wait until we get the offer and move the file a little bit further before your appraisal happens so we can make sure the appraisal doesn’t come in too high to a value where we can’t actually get an offer.

On the other side, if the market was going up, we would actually want to get that appraisal done sooner so we could take advantage of the lower price points. So, depending on the market, and the way it’s going at this point, where it’s pretty much level so it doesn’t matter where we start as far as the appraisal goes. Once we get the appraisal completed you will be receiving an approval to participate and within 10 business days you will have to execute the document which will tell us what FHA is willing to accept on the property and what the minimum net proceeds will be in order to close the sale.

There are some incentives to the seller as long as you maintain the property. If you close the sale within 90 days or so, they will offer you $1,000 as a relocation incentive for completing a short sale and maintaining the property.

So, if you have any specific questions, or you’re considering a short sale and you have an FHA loan, give us a call. One of the things that I do want to make sure you take advantage of is the short or stay calculator that I have on my website. Enter your information and it will give you a report and will tell you how long it will take for you to break even on your house again, and is it the right decision for you to do a short sale. It might not be the best decision for everyone. Again, I’m Mark Peek here at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. If you have questions, call us or hit the start here button at the top of the page. Thank you.

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