Zillow Advice: Buying Process - My brother is trying to short sale his house and I am considering buying it. Good or bad idea? http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Zillow Advice | Zillow Real Estate "Sounds like you are trying ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ "Sounds like you are trying to help out your brother."<br/><br/>Help with what, mortgage fraud?<br/><br/>And yes, this thread is over two years old. Tue, 15 Mar 2011 14:23:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2011-03-15T14:23:00Z Sounds like you are trying ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Sounds like you are trying to help out your brother. Unfortunatly, that would bbe considered a "Arms Length" transaction.&nbsp; Meaning that a family member cannot be the purrchaser. Tue, 15 Mar 2011 13:07:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2011-03-15T13:07:00Z this thread is 1.5 years ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ this thread is 1.5 years old. LEARN TO READ DATES!!!! Thu, 26 Aug 2010 18:53:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2010-08-26T18:53:00Z Not a good idea. A lot of&nbsp;lenders ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Not a good idea. A lot of&nbsp;lenders would probably treat that as a scam. It is because alot of people in the past ran a scam of doing short sales to reduce the price and let the lenders take the hit. But then again it is your choice to go ahead and try. Thu, 26 Aug 2010 18:08:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2010-08-26T18:08:00Z Unless you're able to purchase ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Unless you're able to purchase the house for an amount that would give him what he needs to pay off his mortgage, you are unable to enter into a transaction.&nbsp; This violates the "Arms Length" transaction affidavit-basically a conflict of interest for the bank.&nbsp;This&nbsp;prohibits any relative, real estate agent or person who works for the specific bank to purchase a short sale. <br/><br/>Your best solution would be to either help him make payments if that's his problem, or maybe just&nbsp;make "rent" payments&nbsp;and live in the home until he's able to afford it. Wed, 25 Aug 2010 18:55:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2010-08-25T18:55:00Z Susan Hofflander:&nbsp; Please ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Susan Hofflander:&nbsp; Please check the original dates on posts before responding.&nbsp;&nbsp; I hope the person has solved their issue with a question posted 16 months ago. Sat, 15 May 2010 21:49:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2010-05-15T21:49:00Z Yes, Ginger, this is what ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ Yes, Ginger, this is what was happening and it was fraud then and now.&nbsp; The whole arm's length mind set about this type of transaction is sound. <br/><br/>Sjinmn, if you do want to buy the house, do it outright.&nbsp; Get a mortgage because your brother's lender is not going to let you do a contract for deed.&nbsp; That will effectively end your brother's ownership in the home.&nbsp; If he wants to buy it back from you in a few years, I would suggest you make sure that he has to buy it at market value.&nbsp; If discussing these types of issues will cause problems between you and your brother, it's probably not a good idea for you to enter in to this transaction with him.<br/><br/>Good luck! Sat, 15 May 2010 20:33:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2010-05-15T20:33:00Z its not a fraud, whats the ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ its not a fraud, whats the different between she gets someone else with different last name or some stranger buying it. what you call a fraud is what the <a href="http://www.zillow.com/mortgage/">mortgage</a> industry did and all the builders that were jacking the prices every week over $5000.00 it happened in phx az. Mon, 02 Feb 2009 02:22:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2009-02-02T02:22:00Z DO NOT GET SOMEONE WITH A ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ DO NOT GET SOMEONE WITH A DIFFERENT LAST NAME TO BUY THE HOUSE. It is called Fraud! Mon, 02 Feb 2009 01:52:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2009-02-02T01:52:00Z you will not be able to buy ... http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ you will not be able to buy it with the same last name get some one with different last name good luck. Mon, 02 Feb 2009 01:51:00 GMT http://www.zillow.com/advice-thread/My-brother-is-trying-to-short-sale-his-house-and-I-am-considering-buying-it-Good-or-bad-idea/194328/ 2009-02-02T01:51:00Z