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hi all.i purchased my home 6 years ago.i got married last year and im on deed and mortgage by myself.unfortunatly we now have same last name and i hear banks allow that short sale.i have an investor willing to buy the property as its listed for just 329,000 while i paid 600,000 in 05.now is it legal for the investor to buy the property from me, and then sell it to my souce for fair market value in say 3 months? she was never on deed, or mortgage and has already been pre approved.thanks for your input.
lost my job in 08,denied hamp, or my investor didnt participate as they all say. still unemployed.married in 09, but wife was never on deed or mortgage.
When you short sale your property you'll be required to sign an arms length transaction affadavit that requires that you not profit from the sale of your home.
The question is can he sell it to investor in an arm's length transaction and then buy it back later. I don't know the answer and I know a lot about short sales. Ask an attorney because that falls under the legal arena.
The question is can he sell it to investor in an arm's length transaction and then buy it back later. I don't know the answer and I know a lot about short sales. Ask an attorney because that falls under the legal arena.
The investor would be a straw buyer ... and obviously I'm not an attorney, but my bet is on some pretty silver bracelets being handed out somewhere.
hi all.i purchased my home 6 years ago.i got married last year and im on deed and mortgage by myself.unfortunatly we now have same last name and i hear banks allow that short sale.i have an investor willing to buy the property as its listed for just 329,000 while i paid 600,000 in 05.now is it legal for the investor to buy the property from me, and then sell it to my souce for fair market value in say 3 months? she was never on deed, or mortgage and has already been pre approved.thanks for your input.
Banks are familiar with type of scam. You are not the first to think of this.
Last edited by RickTucsonHomes; 08-21-2010 at 09:22 PM..
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