Home Buying in Calumet City>Question Details

gagecres, Home Buyer in Calumet City, IL

can a family member buy my home that is going to foreclose once it goes to auction in illinois?

Asked by gagecres, Calumet City, IL Mon Nov 11, 2013

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Suzanne Hamilton’s answer
An arms-length transaction is sometimes required of homes in this situation. In that case, it is often prohibited to have an immediate family member buy the home for that exact reason. The bank doesn't want the buyer to just get it back at a lower price. You would need to see the requirements. Some properties at auction can not change deed hands for a certain period of time.
1 vote Thank Flag Link Mon Nov 11, 2013
Sure they can, have your Realtor get the paperwork started and have your family member transfer the money to the escrow company.

Complete the process prior to the sale.
1 vote Thank Flag Link Mon Nov 11, 2013
Thanks for your reply. Can you tell me what the arm's length rule is?
Flag Mon Nov 11, 2013
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