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For those of you not familiar with what a short sale is, Wikipedia tells us…

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.^[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

Recent estimates indicate as many as 1 in 5 homeowners may be underwater (they owe more than their home is worth) so we will continue to see the short sale as a major player in the 2010-2011 real estate market.

Many of these homes may qualify for traditional financing, however with many of these homeowners financially distressed it goes without saying that some may have not had the funds to pay for the traditional upkeep a home requires.

That makes the FHA 203K renovation loan a perfect financing candidate for short sale properties.

Using FHA 203K on a short sale is the perfect way to handle the all of the general upkeep items that might have been neglected when the current homeowner became financially distressed as well as a great way to put your own stamp on the home via wish list repairs (like fresh paint, hardwood floors, updating the bathrooms or kitchen).

While hunting for a house, don’t neglect the short sale market. Short sales provide some of the best deals on the market and they mesh perfectly with FHA 203K renovation financing. Whether you live in Georgia or Alabama, we are your FHA 203K lender!

APPLY NOW for your FHA 203K Loan!

From Atlanta to Savannah, Birmingham to Mobile, we have ALL of your FHA 203K and Homestyle Renovation needs COVERED!

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