Foreclosure in 33914>Question Details

liovino14, Home Seller in Cape Coral, FL

any way my Mom or Dad can buy my house in a short sale?

Asked by liovino14, Cape Coral, FL Fri May 11, 2012

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10
Typically, because short sales require an "arm's length transaction" addendum, that won't be possible. The bank wants to see that you haven't manipulated your own financial situation for the benefit of a family member and they do a thorough investigation on the purchaser so there's not a good way to get around it. I use an attorney-owned short sale mediation company to negotiate my short sales called InRem. The folks at InRem have closed hundreds of short sales and I'm sure they'd be happy to go over your situation with you. You can reach them at 239-257-8189. There are still other options available to both you and your parents and I'd be honored to go over some of those with you.

Give me a call if I can be of any help. Good luck,

Mike Lombardo
Mike@mikelom.com
239-898-3445
Web Reference: http://mikelom.com
0 votes Thank Flag Link Mon Jul 1, 2013
No. Short sales need to be an Arms Length Transaction. Feel free to call with any questions.

Eli Givoni
Short Sale Department, LLC
561-361-1909
eli@shortsaledept.com
http://www.shortsaledepartment.com
0 votes Thank Flag Link Tue May 21, 2013
Sorry liovino14 but no. You can not even rent it back from the buyer. Bankruptcy may be your only way to try and keep it. Suggest an attorney consultation. You're in my prayers.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Best in Client Satisfaction 2006-2011"by Gulfshore Life Magazine
Cell: 239-464-8620
Email:sarahgarrett@argfl.com
Web Access to MLS:
0 votes Thank Flag Link Sun May 13, 2012
No, they will not be able to. If you do need to sale due you may qualify for relocation funds you would receive at closing.

For more information on short sales and government programs that may assist you in keeping the home or receiving relocation funds please visit my short sale website at
http://www.capecoralshortsales.theshortsaleguide.com

Feel free to contact me should you have any questions.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
email: leecountyrealtor@earthlink.net
phone: 239-707-4575
0 votes Thank Flag Link Sat May 12, 2012
Don't waste you time even trying. Even if your parents formed an LLC, the bank will investigate the LLC to see who owns it or is affiliated with it and your deal will be dead. Also, if the realtor listing the house presents an offer to the bank knowing the buyer is in some way related to you or works with you or has any connection to you, they could face consequences too. Just short sale the house and move on. I know its hard to let go, but half the country got into the same predicament as you and we all need to get over it and start again.
0 votes Thank Flag Link Sat May 12, 2012
While short selling your home, any offers that come in will most likely require an arms length addendum to be signed stating no one in the transaction is related by family or in business. This is because the banks want to make sure the seller is in no way getting any of the proceeds from the short sale. So obviously, your parents buying your short sale would not be at arms length and would not be accepted by the bank. Please give me a call or email me at 239-243-6224 or frank@gulfgatewayrealty.com.

Frank Glaab
Realtor
Gulf Gateway Realty, Inc
http://www.ccparadise.com
0 votes Thank Flag Link Sat May 12, 2012
That would be classified as a non-arms legnth transaction and the bank would not accept. There may be other options. Please call to discuss.

Thank you
Steve Geving:
(O) 239-573-1400
(C) 239-321-1395
(F) 239-288-0537
stevegeving@hotmail.com
http://www.swflhomeresource.com
Jones and Co Realty
0 votes Thank Flag Link Sat May 12, 2012
No, the lender will require that this is an arm length transaction and will not allow a sale to a family member.
Web Reference: http://www.gulfreturns.com/
0 votes Thank Flag Link Sat May 12, 2012
It's unlikely. Most banks require the sale to be an Arms Length Transaction. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE for homeowners.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Fri May 11, 2012
no....your Realtor will explain......if you do not have one let us know. We work with an attorney and specialize in short sales. We Can Help.


jessemcgreevy@gmail.com
239-898-5329
http://www.Domain-RealtyGroup.com
0 votes Thank Flag Link Fri May 11, 2012
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