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What sellers need to know about FHA loans and short sales

By in Selling

Many sellers assume they are eligible for a short sale without speaking to their bank first.  Home sellers with an FHA loan need to be aware of a factor that may not allow them to short sale their property.

Home owners who rented out their property for 18 months or more are not eligible for a short sale with an FHA loan.

When it comes to short sales, home owners have the option to submit a  request for a variance to FHA for an exception be made but not with this guideline.  If you are a home seller considering a short sale, contact your bank to find out if the property is eligible for a short sale first.  If you are able to proceed with a short sale, contact a Colorado Springs Real Estate agent with short sale experience.

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