Dec
18
short sale house problem?
By
i have a question, my father in-law has a house and its put on the market for short sale. My husband, which is the son of the owner of the short sale house, wants to buy it. We want to get it b/c of the location is great. My realtor and my husband told me they could get in trouble with the bank b/c is his son.
I dont understand what the problem is, yes is his son, but different person, diff. SS#,….ect. could we get in trouble??
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4 Comments
December 21st, 2009 at 2:36 am
Short sales take a really long time to close the deal. The bank may take over 4 months to get back to you and decide the deal is not going to go through because of the close relationship with father and son. Why not look for something else in the neighborhood?
December 23rd, 2009 at 1:27 pm
No, you just need to write the offer and present it to the bank. If you can come to an agreement with the bank, you will have a house you are familiar with.
December 26th, 2009 at 9:53 am
yes, collusion, straw man, fraud, etc.
banks won’t do a short sale to a related party, usually
you can try making an offer and seeing if bank will work with you, but. . . . . . .
short sales take a long time and can be frustrating process, even without this complication
How about buying from Dad, doing installment contract for deed or something. . . . .?
December 27th, 2009 at 1:07 am
Nothing wrong with doing it at all. Perfectly legal. Only difference from any other real estate transaction is that it’s a short sale and the lien holder/s will have to approve. They won’t care who buys it. If your husband meets the lending criteria and the bank approves the short sale then it’ll go through.