Home Buying in 48126>Question Details

Baracuda, Other/Just Looking in 48126

how soon can i sell a short saled home back to the original owner?

Asked by Baracuda, 48126 Sun Nov 21, 2010

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7
Sounds like you purchased a short sale to flip and even if the owner could qualify after a short sale.
Selling it back the person who short saled sure looks like real estate fraud.
2 votes Thank Flag Link Sun Nov 21, 2010
Hi Baracuda,
Ignoring for a moment the unlikely mortgage qualification of your borrower (most lenders have a time requirement of 2 years or more with a foreclosure or short sale) this question is best posed (and answered by) to a good Michigan Real Estate Attorney.
Any legal advice you may receive here is probably worth what you are paying for it...
Jim Ryan, HSOA 703 591 5626 ext 419
1 vote Thank Flag Link Mon Nov 22, 2010
Before considering selling back to the original owner(s), do protect yourself and consult with an attorney who specializes in real estate--he/she can best advise as to any legal options.
1 vote Thank Flag Link Sun Nov 21, 2010
As others note, it should be an arm's length transaction. And avoid any appearance of fraud.

Beyond that, it's likely the original owner's credit was damaged by the short sale. So even if the original owner has the money to buy, it's unlikely that he/she would be able to qualify for the mortgage.

If you're thinking about doing this as an investor--buying a house, renting it back to the seller, then eventually selling it back--don't. There are way too many problems involved in that. You may think you're doing a good deed, but it'll come back to bite you.
1 vote Thank Flag Link Sun Nov 21, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
think the original lender would consider this fraud. Please consult an attorney.
1 vote Thank Flag Link Sun Nov 21, 2010
Did you already purchase it from that individual with the intent of selling it back to them????

You will likely want/need to consult an attorney, as that would not have been an arms-length transaction.
1 vote Thank Flag Link Sun Nov 21, 2010
All parties on the contract to purchase and sell the short sale must be at "Arms Length". I would suggest that you contact the lender with this information and proceed accordingly.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Sun Nov 21, 2010
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