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Replies (10)
- Sherri Sherpy, "MN Mortgage Mom"
- Contributions:476
It is a-okay! It gets "touchy" when family members buy from other family members. Aquaintances, friends and such do not count.
- Patrick O'Connell, "VIP Mortgage Inc."
- Contributions:19
You can sell your house to a friend or even a family member. It would be considered a non-arms length transaction. Non-arms length transactions present more risk for several reasons but they happen all the time. Please feel free to contact me if you would like to discuss in more detail.
Good luck!
- Sharyn & Victoria Crown, "crownandcrown"
- Contributions:24
I would ask an attorney because this is a touchy area. On the surface, it would seem there is no problem, but it would not hurt you to double check with an attorney to make sure you have protected yourself.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
yes the issue is family member not friend... must be 'arms length transaction'
Everything counts, take no legal advice about this on line, see a lawyer
If a "friend" of a friend is somehow going to "work it" so you get back into your home, it's a huge no. If you are in anyway connected to this "sale" You and your "friend" are in for some hard core legal issues.
There are some well meaning people trying to help out homeowners that are in trouble, especially here in the Bay Area that have got into some trouble over this. If you want advice, see a lawyer. You should not have any influences in the short sale of this home. None.
If a "friend" of a friend is somehow going to "work it" so you get back into your home, it's a huge no. If you are in anyway connected to this "sale" You and your "friend" are in for some hard core legal issues.
There are some well meaning people trying to help out homeowners that are in trouble, especially here in the Bay Area that have got into some trouble over this. If you want advice, see a lawyer. You should not have any influences in the short sale of this home. None.
- Michael Roberts, "Michael Roberts"
- Contributions:16
When I posted my Ultimate Short Sale FAQs sheet on my website I did not include this simple question. Obviously an oversight!
Marielad, Every lender I have worked with will not allow a non arms length transaction. Why? They are simply under the impression there are some shenanigans going on. Can't blame them...consider the source!
Friends, associates and colleagues are arms length. The important thing to remember is to not yell out "the buyer is my lifelong best friend".
Marielad, Every lender I have worked with will not allow a non arms length transaction. Why? They are simply under the impression there are some shenanigans going on. Can't blame them...consider the source!
Friends, associates and colleagues are arms length. The important thing to remember is to not yell out "the buyer is my lifelong best friend".
- Ken Lowe, "NAPLESREALTY"
- Contributions:122
Short sales are often bought by investors who have knowledge of the seller. The key is that the transaction is "arms length" and not biased by a personal relationship. Many banks require a form be signed by all parties insuring the transaction is an arms lenght transaction.
- Heather Stoltz, "hstoltz"
- Contributions:98
it's ok but be VERY careful of getting involved in an A to B, B to C transaction. These are illegal and there are pending cases in court as we speak.
- NiceRealtor
- Contributions:1039
As long as you don't get any financial benefit presently or in the future. Good luck to you in the process, let me know if I can help.
Best,
David Anderton
Click Here to go to my Website:
Best,
David Anderton
Click Here to go to my Website:
- Charlottesville Real Estate, "Charles McDonald"
- Contributions:230
Sure, but it could get a little sticky on the friendship side.
Remember it is business....
Remember it is business....
Is it okay for a friend of a friend to buy my short sale?
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