I have a buyer on an FHA short sale. The seller is telling me that the file was sent to the deed in lieu department "unbeknowst to them" and that they are trying to get it back into the short sale department. I thought that when after a certain number of days, the only option for the seller was a deed in lieu. Is this short sale done or is there a chance for the buyer?
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FHA gives 120 days for when they issue the ATP to get an offer submitted. Once this time passes the file MAY get pushed to DIL. This can be undone by requesting a variance from HUD through the lender. Variances are granted all the time.
If your buyer is interested in the property just place a contingency in the contract giving the seller a set amount of time to have the short sale file reopened.
A variance request and approval is the cure all for FHA Pre-Foreclosure Sales.