Where's Wellington?

Is that Short Sale FHA Approved?

I just received a phone call from an extremely frustrated buyer, so frustrated it took me a few minutes to figure out why he was contacting me.

This buyer is currently working with another real estate agent and went under contract six months ago on a great short sale condo.

After six months of waiting he finally received the short sale approval, which if you don't know Short Sales are NOT Guaranteed.

Now the ball was in his court, so he submitted all the remaining documentation needed by his lender, including the contract to purchase.

After a few weeks went by he received a call from his lender letting him know this condo was not FHA approved and he would need to put money down, which wasn't possible.

As a REALTOR® I cannot tell you how frustrated I was that nobody told him this property wouldn't qualify FHA financing.

The real reason for his phone call wasn't to vent, but was to question if I would help him with his home purchase.

If you are looking to purchase a Short Sale make sure the property qualifies for financing prior to submitting an offer on any home.