Flagstar Bank & FHA Short Sales – Jarvis Team Closes Another

Roswell, GA – The Jarvis Team, a RichLife Advisor and Atlanta’s Premiere Short Sale Specialist Team closed another short sale last week.  Located at 620 Pine Grove in Roswell GA, this home was an FHA Short Sale through Flagstar.  There were many hurdles that are common with FHA short sales, but at the end of the day those hurdles are not comparable to other ones associated with non-fha short sales.  Here’s the common problems, or wrinkles with FHA short sales:

• If the bank does not know how to handle them (Bank of America), then your file could be processed then have to go to the back of the line to start over.
• FHA does not pay seller concessions (closing costs), except for 1% if the buyer is getting an FHA Loan
• FHA does give up to $1,000 to the home owner for “moving expenses” however, in many cases this will need to be waived in order to assist the buyer in paying for closing costs.  Some banks like, Citi, make this decision for the home owner, other banks leave it up to the home owner.
• There is an FHA Appraisal done on the property. 
• Different banks use different timelines.  In theory, the home owner and realty should have at least 90 days to sell the property after receiving the pre-approval letter.  In some instances (Suntrust), the time starts when the process starts.

Lucky for the Jarvis Team, this short sale was with Flagstar Bank and they have a highly trained and specialize person handling the file that knew what he was doing.  It helped tremendously.

Wells Fargo Short Sale Information

This message was direct from Wells Fargo.

Short sales remain significant factors in today's marketplace, allowing more prospective buyers than ever to become homeowners. Because these transactions are more complex, it is imperative that real estate and lending professionals work efficiently as coordinated teams to help our customers.

We are committed to accelerating the short sale process. In fact, for those loans we hold in our portfolio, we have already undertaken efforts to streamline the sales approval process. The majority of the loans we service, however, are owned by other investors. So in many cases, Wells Fargo must obtain the approval of the first and any second mortgage investors. Our goal in these situations is to move the process along as quickly as we can.

Wells Fargo Short Sales are some of the most streamlined and easy to work processes in the country.

Citi Short Sales (Citibank)

Citi or Citibank short sales are very simple when you know what to do.  They have their own set of forms to fill out and they process very quickly once you have those forms.  The forms can be found on their website or simply have them faxed to you by calling your bank.  The bank feels that the forms are the responsibility of the homeowner, even though we do provide them for the homeowners.

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