Three, clearly written pages providing guidance on how to achieve a successful FHA/HUD Short Sale. What a great tool for both Seller AND Buyer agents!
HUD's PFS Program is, and has been, FHA's clear cut version of the complicated, non-enforceable, HAFA Program.
If you're the listing agent, you can request a copy of the lender's FHA appraisal and then, simply do the math.
FHA As-Is Fair Market Appraisal = $150,000
Home has been on the market 90 days
Net sale at 84%, with 1% contribution to buyer's FHA loan closing costs, 6% real estate commissions, and another 1.5% in title fees and tax prorations
Results in the homeowner, and their lender, being approved to consider an offer as low as $137,000
If you're a Buyer's agent, think what a great service you can offer your client, especially in today's real estate market where many are hesitant to make the homeownership commitment. You can be showing your clients homes up to 10% above market value (or list price if the listing agent has done their job correctly), and actually achieve an equity position for your client. Plus, generally speaking, homes listed at $150,000 will offer a much better selection for your Buyer client to choose from than the listings at +/- $140,000.
Click Here for more tips on buying in today's real estate market.
Thanks for reading - hope you'll share.
Your CDPE® Certified Distressed Property Expert,
Kim Novak, RE/MAX Masters
kimnovak@remax.net
(801) 726-1443
Knowledgeable & Professional Representation ... Aggressive Negotiation
Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:
ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist
