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FHA Short Sale

Posted by Michael Pell on August 13, 2011 at 1:34am in Short Sale Discussions

I have been reading about FHA rules and I have questions: Is the 30 days starting from when you applied the short sale or when you put your home up for sale? If my home is appraised at 600K and broker fees are 6% and there are tax liens for 100K, what price for a short sale would they allow? The tax liens will not be released unless they are paid off. would FHA take that into consideration?

 

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Replies

  • Kimberley Kelly August 13, 2011 at 2:46pm
    Agreee with Bryant.  I have had several Shorts with IRS liens and they pull them when they are supplied the offer and can verify that Seller is receiving zero from the sale. 
  • Bryant Tutas August 13, 2011 at 2:14am

    Michael. The FHA value for the short sale will depend on the appraised value. It has nothing to do with how much you owe. The IRS lien will need to be removed. FHA will not pay that amount. The IRS is pretty good about removing liens so properties can sell.

    Once you are approved into the FHA PFS program you will have 7 days to list the property with an agent and 120 days to find a buyer.

    Or you can go ahead and list the property prior to applying for the FHA PFS.

    Let me know if you would like for us to connect you with one of our superstar agents in your area.

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