Finally closed on a short sale with an FHA loan (interest rate, property)

[Stacie30]

We finally did it! Our offer was accepted on a short sale house right before Thanksgiving of 09, and we finally closed an FHA guaranteed loan on the property last week! And we got a 4.75% interest rate. Man, the process completely sucked, and both the lender and the FHA appeared to be throwing insurmountable hurtles at us left and right, but the last 3 months of hassle were completely worth it.

[gumbo31]

Congratulations, hopefully the great deal you got was worth the hassle.

[jeanne0626]

Originally Posted by Stacie30

We finally did it! Our offer was accepted on a short sale house right before Thanksgiving of 09, and we finally closed an FHA guaranteed loan on the property last week! And we got a 4.75% interest rate. Man, the process completely sucked, and both the lender and the FHA appeared to be throwing insurmountable hurtles at us left and right, but the last 3 months of hassle were completely worth it.

Congratulations! Any tips to share? I also have an offer in on a short sale and will be getting an FHA loan. Our offer was just accepted by the seller last week and is now with B of A. We know our offer will cover the first mortgage, but not the 2nd. We know the 2nd lien is a smaller company (not B of A).

Appreciate any tips you can give. Your post gives me hope.

And again - CONGRATS!

[Stacie30]

Originally Posted by jeanne0626

Congratulations! Any tips to share? I also have an offer in on a short sale and will be getting an FHA loan. Our offer was just accepted by the seller last week and is now with B of A. We know our offer will cover the first mortgage, but not the 2nd. We know the 2nd lien is a smaller company (not B of A).

Appreciate any tips you can give. Your post gives me hope.

And again - CONGRATS!

Thanks!

My tip - Squeaky wheel gets the grease. Literally, I left all parties involved alone for one whole week, trusting them to be doing what they said they would do, and guess what? Yep, you guessed it. Nothing got done the entire week. Be polite, be professional, be courteous, but stay on your lender and stay on your agent to work for you. Also, make sure that none of the deadlines pass in your contract without getting an addendum extending them. Good luck! I hope your short sale works for you as good as ours did!

[ldenton]

way to go! good job!