Can I buy my son's house if i live with him?

Asked by gbabest, Gretna, LA Sat Jan 19, 2013

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3
Marie Dinsmo…, Agent, Cumming, GA
Sat Jan 19, 2013
If it is a short sale, lenders that hold short pay off mortgages generally require that it be an "arms length transaction", or they won't agree to the short payoff. So the answer is NO...if it is a short sale.

To my knowledge, if is is NOT a short sale, their are no laws against it.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Sat Jan 19, 2013
Ron made a very valid point - is it a short sale??? If so the rules change from a traditional sale.
0 votes
It is not a short sale. I am buying the house for the outstanding balance of 76000.
Flag Sat Jan 19, 2013
Ron Thomas, Agent, Fresno, CA
Sat Jan 19, 2013
I am thinking that there is more to your question than we are seeing:
It sounds like you are asking if you buy it on a Shortsale because he is in trouble.
The answer to that would be, NO! you cannot.
You can bail him out, but you cannot profit from the situation.
0 votes
It is not a short sale. I am purchasing it for the outstanding balance of 76000.
Flag Sat Jan 19, 2013
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