Looking at putting an offer on a home.  Loan is with Cherry Creek Mortgage Company.  FHA financing. The listing agent did not say it was pre-approved.  seemed unaware of the FHA PFS program.  

Do you have to use the FHA PFS program, or can you submit a typical offer and short sale package to the bank?

 

Also home is currently vacant.

 

thanks! 

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Yes. If it's a FHA Insured Loan the PFS is the only choice.
I just closed on an FHA short sale with Bank of America.  My seller did not do the FHA PFS program prior to getting an offer.  When we got the offer, we submitted it to Bank of America as we would any traditional offer, but Bank of America would not review this offer until they got the approval to participate in the FHA PFS program.  After the seller was approved to participate in the program, then they moved the contract over to the FHA negotiator for review and approval.  I have one working right now that is a Wells Fargo FHA short sale and they are going through the same process.  So I am guessing it is probably the same thing - that the offer can be submitted but won't be looked at until it goes through the FHA PFS approval.  Hope that helps!
Agree with the above - all FHA financed short sales have to go through the PFS program. 

Yes, I believe PFS is the only option.  I also think it has to have been owner occupied within the past 18 months. 

 

The bad news: if the listing agent doesn't know about the program, they could be inexperienced and we know how most of those end up.

 

The good news: the program is fairly straightforward and easy to navigate, and the deficiency waiver should be a sure thing.

Yes you must use the PFS program only PFS will do..

 

Jim

Investors can not use FHA

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