Can I short sale to a former step-child?
My ex-husband's child would like to purchase my defaulted home in a short-sale.
Is my relationship with this person considered arm's length or not?
In other words, when is a buyer not considered a relative?
Short sale is prohibitive (not prohibited) and difficult to do. Banks subject themselves to monumental risks including receivership See FAS 140 -3 and "de-recognition of assets (See more under Deloitte Touche web site).
They also lose insurance from over-collateralization that is worth up to three times the property . Don't hold your breath, red headed step child or not! msoliman
Hi Mms,
No, this transaction would not be considered at arms length. If I may be of help referring you to a local Realtor you may reach me by email at mbartletrealestate1@earthlink.net. Best wishes!
Matt
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