Short Sale - Posted by Larry

import · November 21, 2005, 10:49am

Posted by John on November 23, 2005 at 07:16:31:

I am not a expert on this, but I know of no legal restriction to prevent it. The key here is getting “the offer approved by the financial institution”. In hot selling markets short sales are rare.

import · November 21, 2005, 10:49am

Posted by Larry on November 21, 2005 at 11:49:44:

Can a short sale be legally worked to buy my son’s home? The home will be probably going into foreclosure soon? Ex-wife has signed a quit claim deed over to my son.

Just want to make sure there are no restrictions that I should no about for short sales among family!

Thanks.

import · November 22, 2005, 10:11pm

Re: Short Sale - Posted by John

Posted by John on November 22, 2005 at 23:11:46:

Depends on numbers, and lender. Some lenders will not do Short Sales period. Others will.
the numbers will tell wheather the lender will even consider a short sale. Need more info

import · November 23, 2005, 4:57am

Re: Short Sale - Posted by Larry

Posted by Larry on November 23, 2005 at 05:57:32:

Thanks for your response John. It is not a matter of the numbers, etc. The question was and is "Can you be a buyer through a short sale (if offer is approved by the financial institution) when the property is owned by a family member (in this instance…my son). Are there legal restrictions that would prevent it!