If you have an FHA loan and are looking to short sale your property, you might want to contact a short sale expert in the Las Vegas area today. Currently there is a pre-foreclosure program that is available for distressed homeowners with FHA loans. It is a cooperative short sale program and you do have to qualify for it, so check with a short sale expert if you need help applying for the program or figuring out if you even qualify.

One of the first requirements to this cooperative short sale program is that the home has to be owner-occupied; it cannot be a rental or investment property. The homeowner also has to provide proof of the increase in expenses, decrease in income, or what the specific hardship is. If you do qualify for this program you could receive up to $1000 at closing if the short sale transaction is completed within three months of being accepted into the pre-foreclosure sale program. Another plus to this program is that if you qualify for it, it could possible halt any foreclosure action that is currently happening on your home. The drawback to this program is that FHA chooses the listing price for your home. When they do this, the price does not get adjusted for six months. This could possibly affect the sale of your home if the Las Vegas real estate market fluctuates drastically in those six months.

To see if you qualify for this cooperative short sale program, if you would like help applying for it, or if you need help finding out if you have an FHA loan, consult with a Las Vegas area short sale expert today. A short sale expert can explain to you in full detail the stipulations and guidelines to the FHA pre-foreclosure program and answer any questions you may have.