In a Short Sale the Lender(s) require an "arms-length" transaction. Including the Seller, the property may not be sold to anyone the seller has a close personal or business relationship with including family, friends, or in some cases, even neighbors. Expect the probability of an exception to this rule to be extremely low.
The Seller is normally required to sign a paper confirming a transactionâ€™s â€œarms-lengthâ€ status.
Please feel free to let me know if you need any further assistance or for more info, check out: http://www.ForeclosurePreventionSeminar.com
Keller Williams Realty
We are a professional short sale service. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Good luck in your short sale.
Phil is on the mark. You may want to consider approaching your lender for a loan modification. This could bring your payments down to a point that they would be affordable. In this way you can maintaing your home but lower your monthly expenses.
can you buy it back at the short sale price?
Do you think for a minute the banks are that foolish?
What you can do is short sell the property, and in 2-3 years you can buy another property if you qualify again.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992