Question Details

Stacey, Home Seller in Florida

If one spouse is the only one on the mortgage and the home is selling as a short sale, can the other spouse

Asked by Stacey, Florida Sun Jun 22, 2008

who is not on the mortgage make an offer for the short sale to purchase the home?

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Answers

1
Short answer: No.

The critical factor is who is on title to the property. I assume you are asking about the primary residence, and that the spouse who would "buy" would require financing. A simple title search will show both spouses as owners, or if the proprty was acquired prior to marriage, the search would show the other spouse.

Two factors create the problem: First, one spouse buying from another constitutes a non-arms length transaction, which introduces many restrictions on lending guidelines. Second, the current lender would never approve such a sale since the purchasing spouse is already a vested owner of the property.
0 votes Thank Flag Link Mon Jun 23, 2008
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