No significant foundation cracks or roof damage.
“I waited for over 6 months, and that's the one I got. The ones I didn't get were painful though. One we waited for over two years and at the end the IRS got the house.” Quora · 10 years ago Key Pros and Cons Often priced below market value for quick liquidation. Homes are sold "as-is"; lenders rarely pay for repairs. Financing Low 3.5% down payment and 580+ credit score requirements. Property must meet strict HUD safety standards. Competition Fewer buyers have the patience for long timelines. buying a short sale home with fha loan
“Typically approval letters are good for about 30 days and FHA loans take longer to process so an extension on a potential approval letter may be needed to close.” BiggerPockets · 5 years ago No significant foundation cracks or roof damage
Deals frequently fall through due to bank rejection or foreclosure. Potentially lower closing costs. Approval can take 3 to 12 months. Critical FHA Property Standards One we waited for over two years and
Community consensus highlights that the "short" in short sale refers to the bank's financial loss, not the timeline.
No peeling lead-based paint (pre-1978 homes), exposed wiring, or missing handrails.