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.
