ive rented out my house to my sister and brother in law two years ago. I live in a diffrent city. city

Asked by Luie, Los Angeles, CA Tue Jan 1, 2008

however ive been in a financial downslide. and cannot keep up with the $9700 yearly tax bill. plus the etra$ 780 per month out of my pocket to complete the mortgage payment. with forclusure as last resort Can short sale be an option for me if ;my brother in law wants to purchase this home ?

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Rebecca Cham…, , Palos Verdes Estates, CA
Tue Jan 1, 2008
You can not choose the buyer for a short sale. It must be offered to all buyers. You also are responsible generally for any "shortness" of the sale on your income taxes...The difference in what it sells for and what is owed is seen as income for you. If your brother in law wants to purchase the property, you may be better off just selling it to him at a loss if you can do that. Banks do not always approve Short Sales. I would advise you to first speak to a local Realtor to discuss the value of the home and to get an idea of what it might actually sell for.
1 vote
Realtor, ,
Tue Jan 1, 2008
You need to list your property on the MLS to show your lender that you've been trying to sell it with no luck. The lender will send an appraiser out to your property to determine if they will accept a short sale. Good luck.
1 vote
Terra Bruns, Agent, Santa Clarita, CA
Tue Jan 1, 2008
I would recommend possibly doing an AITD or something similar--contact me and I can assist you with this as I live and work in Santa Clarita.
Web Reference:  http://www.TerraBruns.com
1 vote
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