I have a potential FHA short sale where the borrower(s) qualify for the FHA preforeclosure sale... the wife has been out of work for years now, income reduced, upside down in their mortgage.
However, the borrower also owns a parcel of land that is zoned general industrial and is tax assessed at $175,000. The 1/2 acre lot is likely worth a lot less due to the fact it used to be zoned residential and is now located next to an oil refinery.
Anyway, in your experience, do you think the sellers might qualify for the FHA preforeclosure sale, or would they be required to sell that land first, or what.
I don't think the land will be an issue. Certainly worth submitting.