Should I Buy My Parents House?: Foreclosure All Locations : Advice

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Matt Laricy, Real Estate Pro in Chicago, IL
Matt Laricy answered:
Who pays Realtor commission on family buy out?
If she had a signed agreement with them, then when a sale occurs, the money is due. Someone will have to pay the agent. I would have your attorney look into the issue though asap.
0 votes Share Flag Fri Mar 22, 2013 Foreclosure in 60647
Marc Comisar, Real Estate Pro in Bonita Springs, FL
Marc Comisar answered:
any way my Mom or Dad can buy my house in a short sale?
no....your Realtor will explain......if you do not have one let us know. We work with an attorney and specialize in short sales. We Can Help.
... more
0 votes Share Flag Mon Jul 1, 2013 Foreclosure in 33914
Jim Mcninch,  in Houston, TX
Jim Mcninch answered:
I cosigned on a mrtg for my parents home which is now facing foreclosure in TX. Will BoA be able to come afte ...
The simple answer is no. The mortgage deed allows the bank to re-posses the property on default of payment - not your assets.

However, you and your parents face a significant and lo ... more
0 votes Share Flag Sat Oct 22, 2011 Foreclosure in 76140
Randy Hooker, Real Estate Pro in Chandler, AZ
Randy Hooker answered:
We have sold our house... ages 70 and 85... should we rent, or buy again in this economic climate?
Trulia won't let me give you a one word answer. If they had, I would have said, "Rent!" Enjoy your lives and stay mobile/flexible.
0 votes Share Flag Thu Nov 10, 2011 Foreclosure in Sierra Vista
Dan Tabit, Real Estate Pro in Issaquah, WA
Dan Tabit answered:
does anyone know about short sales and foreclosure?
You've asked a lot of questions. The answers you need will come from a personal relationship with a good local agent. If you need a referral, let me or another agent ... more
0 votes Share Flag Thu Oct 13, 2011 Foreclosure
AJ Buffalini, Real Estate Pro in Newport Beach, CA
AJ Buffalini answered:
I have a condo, i want to buy a house. what if i have to foreclose on the condo after i buy the house? ca ...
They will be able to come after you for fraud if you are able to make the payment before you buy the next home. This is referred to the buy and bail. It would be better to sale your con ... more
0 votes Share Flag Thu Dec 8, 2011 Foreclosure in Huntington Beach
Fred Griffin,  in Tallahassee, FL
Fred Griffin answered:
Does a tenant need to still pay rent if the house is in pre-forclosure?
The following is just a general discussion, and is not Legal Advice. Only an Attorney can give you Legal Advice. See a Qualified Attorney for Legal Advice.

A lease is a lease, and ... more
0 votes Share Flag Thu Aug 6, 2015 Foreclosure in 95133
Tee Williams, Real Estate Pro in Portsmouth, VA
Tee Williams answered:
Can children bid on property previously owned by their parents that went into foreclosure?
Most foreclosing entities require that the transaction be an 'Arms Length Transaction' meaning that the new buyer not have a familial relationship with the previous owner.
0 votes Share Flag Sun Mar 13, 2011 Foreclosure in Washington County
Eli Givoni-S…, Other/Just Looking in Boca Raton, FL
Eli Givoni-Short Sale Dept LLC answered:
Thanks for all the good feedback! Is there a way to save my credit and purchase a less expensive home? ...
Yes. You should purchase the new home first, if you can get a loan. Then short sale the house you are living in. Your credit will take a hit, but it will bounce back rather quickly. ... more
0 votes Share Flag Tue Jan 11, 2011 Foreclosure in Cordova
Jennifer Mul…, Real Estate Pro in myrtle beach, SC
Jennifer Mullen answered:
I have an investment property that is 100k underwater and has a negative 13k per ... credit, middle class, bank acct. what should I do ? ...
Have you talked to your lender about a loan modification? If that is not an option you may want to consider a short sale. I would suggest you call an agent who has short sale experien ... more
0 votes Share Flag Tue May 3, 2011 Foreclosure in Myrtle Beach
Andy Hargrea…, Real Estate Pro in Plymouth, MI
Andy Hargreaves answered:
iam thinking of buying my girlfriends parents home in a short sale and buy it in an investment and then rent ...
You're likely going to sign a form certifying that it isn't an arms length transaction.
If you are affiliated and sign it, you could open yourself up to fraud.

Consult an ... more
0 votes Share Flag Tue Nov 23, 2010 Foreclosure in 48126
Karla Wagner, Real Estate Pro in Bonney Lake, WA
Karla Wagner answered:
We just got a default notice onthe door tonight that says our landlord is in arrears of 17K, that means they were behind when we moved in months ago.
Very sorry to hear about this unfortunate situation. I would contact your attorney again asap, so you know what your legal rights are. Best wishes to you.
0 votes Share Flag Thu Mar 22, 2012 Foreclosure in 98372
Mack McCoy, Real Estate Pro in Seattle, WA
Mack McCoy answered:
my parents have life rights to a "grandparents carriage" on our property they wont leave or buy it ...
I'm reluctant to deliver bad news, but I think you'll find out that your lender has precedence over your parents' life estate, in which case, that life estate is extingui ... more
0 votes Share Flag Sun Aug 22, 2010 Foreclosure in 18072
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
Ethical comments please about a strategic foreclosure
If I was in charge my solution would be simple. A minimum of 10 years before buying again after foreclosure. No exceptions. After 10 years you might be able to. But you would only be ab ... more
0 votes Share Flag Sun Apr 25, 2010 Foreclosure in San Francisco
Laura Foster, Real Estate Pro in Knoxville, TN
Laura Foster answered:
The FHA appraisal checked out fine, our mortgage is approved for new house pending the sale of our current h ...
Forgot to add the last question.....will the bank extend the closing date another few weeks? Thank you.
0 votes Share Flag Mon Apr 5, 2010 Foreclosure in Knoxville
Tean Wong, Real Estate Pro in Boston, MA
Tean Wong answered:
I just walked away from mortgage
Nothing is too late, if you are 6 months late, the bank will definitely try to solve this problem. Bank do not want to foreclose any home, it more of the pain for them. Get a good agent ... more
0 votes Share Flag Fri Feb 26, 2010 Foreclosure in Woodbridge
Thadeus Brew…,  in Scottsdale, AZ
Thadeus Brewer answered:
My parents home is being foreclosed. My name is on the title only- not the loan. ... lien against both my parents and I. ...
You are responsible for the HOA dues. They can legally pursue civil action. The lender is only responsible for dues from time they take possession.
0 votes Share Flag Sun Apr 13, 2014 Foreclosure in 93510
Jim Ivy,  in Round Rock, TX
Jim Ivy answered:
Hi,If you are going into a foreclosure but you have already brought another house that is paid in full c ...
Probably not. However, if the foreclosure sale does not net enough to clear the existing lien, the bank could file for a judgment against you. That could effect you if you sell the h ... more
0 votes Share Flag Tue Jan 5, 2010 Foreclosure
Cindy Barron, Real Estate Pro in Coral Springs, FL
Cindy Barron answered:
Need Advice on "Short Sale" or any other solution
I agree you should always contact a lawyer when dealing with short sale for foreclosure issues.

Lenders generally do not permit arms length transactions on short sales. (Parents b ... more
0 votes Share Flag Thu Jan 28, 2010 Foreclosure in Pasco County
Chris Castet…, Real Estate Pro in Avon, IN
Chris Castetter answered:
I have been laid off for over a year now and my home is now going into foreclosure. My parents have offered t ...
I think you should advise a real estate attorney who practices law in NC and is familiar with this type of situation. Good luck.
0 votes Share Flag Wed Oct 28, 2009 Foreclosure in 46235
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