is it possible for my brother buy my house and me his on a short sale?

Asked by Lucio, California Mon Aug 4, 2008

my house I owe 305,000 but currently worth 180.00 almost same situation with him he is right next door to me is this possible ??

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Steven Ornel…, Agent, Fremont, CA
Sat Jan 24, 2009
Lucio, Short Sale Lenders do not allow purchases by family members due to the conflict of intetest. All Short Sales are "Subject to Lender Approval." -Steve
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Jonathan Dal…, Agent, Glendale, AZ
Mon Aug 4, 2008
1) The odds of a lender accepting a transaction involving family members are fairly slim.
2) It's also extremely difficult to get a loan immediately after a short sale because you've already proven that you can't afford the home.
3) CHECK WITH AN ATTORNEY ... BUT ... A lender usually will not touch a transaction where one family member is trying to purchase another family members' property on a short sale, forcing the bank to write off the difference. Both of you trying to do the same to two different lenders could be viewed as the banks as a type of fraud as you're working together to try and write down the others' financial responsibility without paying the full value.

As I said, check with an attorney but odds are this is something you don't want to go near.
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