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General Questions
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Judy Orr
Real Estate Agent
Orland Park, IL
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In order for anyone to get approved for a short sale they must show financial hardship. You didn't explain whether this was the case or your parents are just doing you a favor.
However, most everyone has already answered the fact that a short sale would not be viable in a family situation so that would not work in your case.
Feb 20, 2009 at 11:40 AM
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If your parents owe more than the sale price, and if they have the funds available to make up the shortfall so that their loan and expenses can be paid, there should be no problem. If they do not have funds to make up the difference, that's another matter.
Jan 4, 2009 at 1:39 PM
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Assuming that your parents do not have the funds to bridge the gap between the mortgage balance and net proceeds, you are looking at a short sale.
However, in the case of a short sale, the lender will typically stipulate that each party to the transaction (including the agents) sign an affidavit attesting to the fact that the transaction is arm's length. They will not approve a short sale to a family member.
Even if the parties are not related and share the same last name (we've seen this happen once) you may have to provide documentation to prove that the parties are unrelated.
Dec 24, 2008 at 11:15 AM
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The only way this is possible (in Seattle anyway) is for owners to request and complete a short sale package with bank, list publicly with a Realtor, and for you to get your own buying agent representation. In this way the home is open to all who may be able to buy at the negotiated price. Otherwise, you are faced with being accused of a price fix and "below board" deal.
Instead of an outright sale, consider attaching yourself to the property via title and help get those payments back in order. It is much easier and the home stays in the family.
Best of luck with your plans.
Gene
www.GeneDexterHomes.com
Seattle
Nov 30, 2008 at 2:49 PM
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If they are trying to sell it to you and negotiate a short sale with the lenders, then the answer is typically NO. Most banks will not allow a sale to a relative.
Nov 18, 2008 at 11:07 PM
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if the banks approved the lesser amounth than yes they can sell the house to you.
Nov 9, 2008 at 10:34 AM
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6 responses
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