Julio Hernan…, Home Buyer in Riverside, CA

If I put my home for short sale, can I buy the house back for the short sale price.?

Asked by Julio Hernandez, Riverside, CA Tue Feb 1, 2011

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9
Hi Julio,

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 transaction’s “arms-length” status.

Best, Steve
1 vote Thank Flag Link Tue Feb 1, 2011
Unfortunately, like all the previous answers have stated, you cannot. I would definitely urge you to consider trying a loan modification first before the short sale route. As a Certified Preforeclosure Specialist and Short Sale expert, I can guide you thru both processes.

Please feel free to let me know if you need any further assistance or for more info, check out: http://www.ForeclosurePreventionSeminar.com

Good Luck!

Ray Wright
Keller Williams Realty
951-354-1303
1 vote Thank Flag Link Tue Feb 1, 2011
No. You need to sell the house to someone else, to create an Arms Length Transaction. The bank will not approve a short sale to yourself.

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
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
1 vote Thank Flag Link Tue Feb 1, 2011
Not only can you not buy the home for the short sale price, neither can anyone directly associated with you financially. Every offer comes with an 'arms length transaction' affidavit, signed by the potential buyer, stating that they are not doing exactly what you are asking here. This means, for instance, that your wife could not buy the home in her name.

Good luck in your short sale.
1 vote Thank Flag Link Tue Feb 1, 2011
Phil and Bill are correct. While it would seem to be a win-win (the bank gets a quick sale, and you get to keep your home), it can't happen. You can't even have a relative buy it. They buyer cannot have any connection to you at all. Sorry, and good luck with your situation.
1 vote Thank Flag Link Tue Feb 1, 2011
You can not buy your home back at the short sale price for 2 reasons. 1st, the short sale needs to be an arms length transaction. 2nd, if you are selling short, you are probably late on your payments and therfore will not qualify for a new home loan. You mignt want to try for a loan mod. Check my website for info on shorts sales and loan mods.

http://www.kendra4realestate.com

Kendra Hartsell
Trademark Realtors
1 vote Thank Flag Link Tue Feb 1, 2011
Julio,

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.

Good luck,

Bill
1 vote Thank Flag Link Tue Feb 1, 2011
Good Afternoon Julio;
Unfortunately, no. All parties to the contract must be at "arms length". So all parties cannot know or be related to anybody on the contract.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Tue Feb 1, 2011
Hi Julio,
can you buy it back at the short sale price?
No.
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
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Tue Feb 1, 2011
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