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Answers (4)
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Most banks will force a buyer to sign an affidavit stating this is not allowed.
- Frieda Triebel, "Frieda Triebel"
- Contributions:234
Here in New Jersey this situation is specifically excluded. However, in Kansas it may be different. If your parents are interested in making an offer, have them contact the listing agent or whoever is in charge of presenting offers, and submit the offer in writing. Good luck to you.
- Victoria Watzlawick, "realtorv"
- Contributions:22
If the lenders attorney stated YOU could buy it back, there shouldn't be a problem with your parents purchasing it. I would get that in writing and have your attorney check it. I know it has to be an arms length transaction when you own it and are doing a short sale, but after they already took it back it might be possible. Is there a redemption period in your state?
- Michael Emery, "MikeEmery"
- Contributions:7298
You would need to ask the lender as this might not be considered an 'arms length' transaction (they are related to you). Some lenders wouldn't agree to such an arrangement as it is potentially fraudulent.
Your parents would also have to qualify for the loan.
Just make sure that the 'discounted rate' is the current true value of the home. Otherwise your parents (should they qualify) wouldn't be able to get a loan as the home needs to appraise for the current market value.
Your parents would also have to qualify for the loan.
Just make sure that the 'discounted rate' is the current true value of the home. Otherwise your parents (should they qualify) wouldn't be able to get a loan as the home needs to appraise for the current market value.
Lender listed home at Sheriffs sale for less than i owe. no buyers. can parents buy it and i rent?
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