Home Buying in Phoenix>Question Details

shirleymcbre…, Home Buyer in Phoenix, AZ

We did a short sale in Phoenix, At some point can we buy the house back from the person that owns it now or do we have to buy another property?

Asked by shirleymcbreen, Phoenix, AZ Tue Apr 2, 2013

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Voices Member’s answer
in the same spirit of the other responses, i say this: don't even think about it. real estate classes will teach you that the Dept. of HUD is reviewing several files/ HUD-1's throughout the US. the cities with the most problematic cases came from phoenix and tucson. don't try and potentially cheat the system.
0 votes Thank Flag Link Wed Apr 3, 2013
Have you reviewed the terms of your short sale approval letter? You might want to bring an attorney in to help you...
0 votes Thank Flag Link Tue Apr 2, 2013
Dear Shirley:

This may depend on the conditions of your short sell lenders when they approved the short sale. The lender(s) often address this issue in their approval letter to you.

Also, the other party at that future date that owns the home now is going to have to agree to sell you the home.

Since we do not have your short sale approval letter(s) in this public forum, no one here is going to be able to give you a definitive answer. Best to review your short sale documents with your attorney for the proper specific advice for your personal situation.

If you have questions feel free to call me.

Jeff Masich, Realtor
0 votes Thank Flag Link Tue Apr 2, 2013
Yes, consult with an attorney because I suspect you didn't quite meet the arms length when you sold it as a short sale? Hmm.....Did you sell it to a friend, family or was it truly out of your sphere of influence?
0 votes Thank Flag Link Tue Apr 2, 2013
We sold to a corporation and since then the owner of the business did a quit claim deed on the house and put the house in his name. We have been leasing the house from him with hopes of repurchasing down the road maybe in a year or so.
Flag Thu Apr 4, 2013
Hi Shirley,

The answer to your question will be on the approval letter that your lender provided you when the short sale was approved. Most lenders just want to prevent planned non arms length transactions.

Hope this helps.

Web Reference: http://www.brianrocca.com
0 votes Thank Flag Link Tue Apr 2, 2013
Shirley, after you have re-established your credit and after the time frame required for the type of loan you may need, you will be able to purchase any house within your price range that is on the market.

Does that mean you are allowed to purchase your former residence? It is allowed but it may not be on the market to be sold when you are ready to purchase.

Do the current owner have to sell the house to you? NO. They own it.

I am a Mortgage Banker that lends in both Arizona and California. I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS! You may hear more information on YOUR Source For Real Estate on Money Talk Radio 1510 AM each Saturday from 12:00 Noon until 1:00 PM
0 votes Thank Flag Link Tue Apr 2, 2013

This question would best be answered by an attorney whose area of practice is Real Estate Law.
0 votes Thank Flag Link Tue Apr 2, 2013
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