You cannot rebuy a home after it goes through a short sale because there is no home left for you to buy. In a short sale you sell to another person with the approval of the bank. It does not go to the foreclosure process.

If you mean rebuy a house if you let it go to foreclosure. you would have to speak with a real estate attorney. I have heard of family members buying a home owned by a brother or sister with the idea of renting or selling it back to them, but there may be some laws against that.

I hope this helps. If you have any other questions regarding short sales you can get a free copy of my book "Should I Short Sale My Home?" at http://SouthFloridaRealEstateReport.com

Rodney Forbes
Realtor/Broker
ForbesRealty of South Florida
561-337-4810
Rodney@ForbesRealtyOnline.com

If you have enough money to rebuy it, then why would you think a bank or mortage holder would approve a short sale in the first place? Part of the short sale process is that you have to write a personal hardship letter to justify your financial position. They will check you out. That's what 3rd party approival means on all those short sale listings.

No. You need to talk to your lawyer to find out what the best options are for your financial situation. The whole point of doing a short sale is to avoid foreclosure. The short sale process is complicated and you need to discuss this with your lawyer. If you sell your house in a short sale, you cannot sell it to yourself. Your lender has to approve the purchase and sale agreement from your buyer who is a third party. If the lender approves the sale, then the transaction would close and the new buyer would own the home. The bank would write off the difference between the loan balance on your mortgage and the sale proceeds. You would walk away. Although the bank may try to get a defiency judgment against you or ask you to sign a note for a negotiated sum.

See your lawyer as well, as this question gives rise to some other issues.

John

Hi Linda,

The answer is 'no'. The banking rules are extremely specific about this kind of transaction and it is considered fraud to short sale a home and then try to repurchase it.

A better solution would be to try to do a workout with the bank, a loan modification.

GOOD LUCK,



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Scott Miller, Realtor®
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Commercial RE
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