Twitter
LinkedIn
YouTube
Facebook

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

Enhanced by Zemanta

About the author

Sherry Fields Written by Sherry Fields: Working in real estate for over 12 years, Sherry Fields is certified in Foreclosures, Short Sales and Negotiations along with many support computer platforms on the web. She has been helping her clients buy & sell homes by building relationships so that they can buy and sell with confidence. You can find her at Twitter, LinkedIn, ActiveRain Facebook and

**************************************************************************** © 2016 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com *******************************************************************************



Leave a Reply