FHA Pre-Foreclosure Sale (aka. Short Sale) Program

[By Jason Ian Hector on 10/16/15] FHA Short sales are also known as the "Pre-Foreclosure Sales Program" or PFS option.  Doing a short sale with an FHA loan is a little different than regular short sales in a couple important ways.  First of all, the lender will typically require you to apply for or have been denied for or have received a loan modification program such as the FHA-HAMP Program which is the government equivalent of the Making Home Affordable Program for FHA loans.
Homeowners may be able to receive a relocation incentive if the short sale is completed.  I find FHA Short Sales are much easier to work with because the response time is generally quicker for two reasons.  First, the appraisal is done up front and the bank will typically disclose how much the appraised value is.  Secondly, once you know this amount, you can apply the FHA Pre-Foreclosure Sales guidelines which will tell you how to calculate the minimum net amount that the short sale lender is willing to accept...also called a "minimum net acceptable proceeds".

For Buyers of FHA properties--FHA Approved Condo Search

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Jason Ian Hector, CalBRE LIC #01481898
11630 Seminole Cir • Porter Ranch, CA 91326
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