Short Sale Rule Change for HUD Properties

 

Relationship has become an important element in the REO and short sale market. Government funding sources such as FHA (Federal Housing Authority) and HUD (Housing and Urban Development) recently announced changes to the rules for purchasing a short sale. All transactions must be arms length, meaning that no family members or relations can purchase the home through the short sale process. But relationship extends even further to close personal or business relationships – see the article below for more details.

HUD Announces New Short Sale Requirements

Effective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements: To be eligible, one must successfully complete a short sale under the FHA short sale program. The borrowers must meet the following requirements: They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship. » Read More

US-DeptOfHUD-Seal

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