buying a relatives home in short sale
my sister is going through a short sale and I was considering purchasing her home but I was wondering what the legal implications would be and if this is indeed legal? by JDean_434_930 from Jupiter, Florida. Aug 16th 2012
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
Short sale purchases have to be "arms length" and you would all have to sign an agreement to that effect and a blood family relative purchasing the home would not be arms length. You should check with a real estate atty to make certain of that.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your sister would be breaking the law if she did not disclose your relationship.. It would be loan fraud, and there are monetary fines as well as imprisonment if she was caught and convicted.. There is no deal out there worth the risk.. go find another home.. it's best for the both of you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
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