Home Buying in Anaheim>Question Details

Merry amir , Home Buyer in Santa Clarita, CA

can i sell my home to my wife's corporation?

Asked by Merry amir , Santa Clarita, CA Thu May 10, 2012

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6
Aaron Zapata’s answer
Hi Samir,
As long as your wife's corporation can afford the purchase and secure financing you can sell it to her business with one exception...if it's a short sale. A short sale can only be sold in an "arms length" transaction where there are no ties between the buyer and seller.
0 votes Thank Flag Link Mon May 21, 2012
Samir,

Yes you can - IF it's not a short sale. Is it paid off? Do you need to get financing for it? Are you current on your home? Why sell to your wife's corporation - what end result are you trying to get to?

If it's a short sale - you may be able to but as Mario mentioned, HIGHLY UNLIKELY. They will consider the sale a non-arms length transaction. If it is a short sale and you want to try, just make sure your Realtor understand the situation and has back up plans. YOU MUST DISCLOSE THIS ON THE CONTRACT AND TO THE BANK IF IT IS A SHORT SALE. The final decision is up to them - but again, highly highly unlikely.

Felix
0 votes Thank Flag Link Sat May 19, 2012
Owner-Financing may be a good option depending on the variables. More info on owner-financing posted on my website.

Paul Youssef
http://www.PaulAnthonyRealEstate.com
0 votes Thank Flag Link Sat May 12, 2012
Hello Samir !

The answer is YES...but with LOTS of conditions ;)

If the home is paid off and the corporation will pay cash for it - or if you are looking to do a seller financed purchase, then you just want to double check with your accountant about tax consequences, etc - and if all clear, then go for it !!!

1) If your wive's corporation needs to finance the purchase - A lender needs to qualify and approve the corporation for financing

2) If your property is upside down and you are looking to do a short sale , then the answer is 99% NO. Why?? For the same reason that you have asked this question and feel doubts about it being possible. Besides, Most banks will require you to sign an arm's length transaction and warns you about committing fraud.

3) If it is a short sale - the mere fact that its a corporation trying to buy it would cause problems. Corporations aren't allowed to purchase short sales - only individuals.

Sorry if I burst your bubble. Please, I invite you to think positive and let go of this home... look to rent for a few years and re-purchase a new home. Its much safer and won't open you to committing fraud.

Most Kindest Regards,
Mario Gonzalez
Realtor
714-363-8425
email: mariogrealty@gmail.com
KELLER WILLIAMS REALTY
JD Power & Associates Ranked #1 Buyer Satisfaction 2008, 2009, 2010
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
DRE LIC 01708214
0 votes Thank Flag Link Thu May 10, 2012
And, if it's a short sale, you won;t be able to sell it to any person or entity related or affiliated with you
0 votes Thank Flag Link Thu May 10, 2012
You can sell it to anyone you would like to sell it to. If it is a short sale then the bank will require it to be an individuals name for purchase.
0 votes Thank Flag Link Thu May 10, 2012
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