FHA SHORTSALES

I am trying to focus my time ansd attention on cetain leads that have better opportunity to comeing to fruition.

I think FHA may be a good area as from what i understand they must accept 82% of BPO and per HUD must entertain SS. If I meet the BPO at property and get the BPO to come in 10-15% less than FMV ,,, well then ive got a deal and it seems as that proccess would work much smoother with more co-operaion on the part of the lender?

Assuming the above is correct> of the fha leads i have how should I screen those to further qualify closing opportunities.

Any of parameters that i could use to focus my attention would be greatly appreciated.

And what legal way are you going to get the broker to certify the BPO is 15% below FMV and running the risk of losing his license or being accused of fraud, bribery and colusion?

Nowadays, most ethical brokers will not do a BPO with you present.

HUD doesn't have to entertain a short sale or accept any 82%. It's lender's discretion. HUD may be completely out of the picture until the property reverts to them as an REO.

I meant that by showing low comps and repair etc. i could influence BPO. I have done this and been succsessful in getting large equity positiona on short-sales then wholesaling to investors.

I posed the question of what specific type of SS opportunities to key in on.

Do you have any advise in context to that?

Thanks

FHAs are good. Lenders are far more concerned whether or not a transaction is "arm length" though.

Also, all FHA SS use appraisers not BPO agents. They have a tendency to be a little tougher, more tight lipped and harder to influence. As long as you play the rules, your purchase price can be 82% of BPO almost all of the time.

I like FHA deals because we know that they do accept 82% of the BPO as long as they're willing to negotiate. Good luck!

[ Edited by TheShortSalePro on Date 03/19/2008 ]