can a 'short sale' property be sold to a relative in missouri?

Lori
Lori
Home Buyer
House Springs, MO

Wed Apr 22 2009, 11:11 - Home Selling in House Springs - 3 answers
Helpful
 (0)  
Email Alerts
Send to a friend
Save
Report  
Answers (3)
Adam Shoop
Adam Shoop
Agent
Pleasanton, CA

Hello Lori,

I agree with Pat. I have done transactions as well with a daughter buying a mothers short sale. Just be upfront with the short sale banks. Make sure the buyers’ agent sends an introduction letter explaining the (family) situation along with the hardship letter.

Best regards,

Adam

Wed Apr 22 2009, 14:32
Helpful
 (2)
Link to this answer
  Report
Dale Weir
Dale Weir
Agent
Saint Louis, MO

yes but it's not an "at arms length transaction" so the banks and title company need to be informed and they have to agree.

Web Reference: http://www.yourstlhome.com
Wed Apr 22 2009, 14:25
Helpful
 (0)
Link to this answer
  Report
Pat Welch Realt...
Pat Welch Realt...
Broker
Osage Beach, MO
FIRST ANSWER

Yes. I've been involved in that situation a couple of times. Just be sure your realtor informs the bank or lein holder of the situation right off the bat, in case THEY have a problem with it.
Thanks for writing!
Merry Anne Robinson
573-692-2424

Wed Apr 22 2009, 11:53
Helpful
 (0)
Link to this answer
  Report

Didn’t find what you were looking for? Ask a question!

Search Advice
e.g., "foreclosure", "short sale", "mortgage"
e.g., "San Francisco, CA", "New York, NY"
SEARCH

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 1 of 1
Map these properties
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback