I am in Illinois, can an invester buy my house on short sale and rent it back to me?

Asked by Muh786, 60173 Fri Feb 3, 2012

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7
Bill J Delig…, Agent, Naperville, IL
Fri Feb 3, 2012
I have seen documents at closing which attest that the seller will not continue living in the unit, that in theory both parties have to agree to. Arms Length? ...no
0 votes
KK Yan, Agent, Streamwood, IL
Fri Feb 3, 2012
I am working with many investors. Contact me if you need help.
Web Reference:  http://Kkyan.com
0 votes
Anthony Cava…, Agent, Jolier, IL
Fri Feb 3, 2012
Its not arms length if you have an agreement to rent it for after the sale.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Fri Feb 3, 2012
Hello Muh,

Absolutely! Provided that the investor is an "arms length" buyer, not related, current tenant, close buddy, etc...You will be required to sign an arms length transaction affidavit.

Once the property is sold the bank doesn't care what he/she does with the property as long as the comply with the loan terms.

Have you already put your house on the market for a short sale? If so, talk to your Realtor or attorney.

Good luck!
0 votes
jeff donnell…, Agent, Chicago, IL
Fri Feb 3, 2012
If its a HAFA short sale than absolutely not. It would not qualify for arms length ie no side deals. You may be able to negotiate this with your lender if it's not a HAFA. I would recommend talking to and experienced short sale agent and attorney about your specific situation.
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Anthony Cava…, Agent, Jolier, IL
Fri Feb 3, 2012
No, the transaction must be arms length. You cannot have a prior business relationship nor any other agreement for the short sale to be accepted.
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Philip Sencer, Agent, Chicago, IL
Fri Feb 3, 2012
Sure, if you can find one. The lien holder does not care what happens after the sale. The big issue on short sales is whether or not the lien holder will come after you for the deficiency amount. They NEVER will answer that question until after the closing.
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