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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 03-28-2014, 06:26 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,204,029 times
Reputation: 1999

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Quote:
Originally Posted by fengxg View Post
Short sale is sort of like a "friendly foreclosure". In a foreclosure the owner walked away from the property pissed off because he lost all his investment and credit score. In return some owners leave some holes on the wall and roof, and the bank suffers more loss. So to compromise, the bank agrees the owner to walk away from the loan, in return the owner will try to sell the house fast with the best price so the bank can recover some loss. However there is loop hole in short sale, which is the owner sells the house to his friends at low price. The bank will try to avoid this, so they will hire an agent and approve the sale price.

ah....its against the LAW to sell the house to a friend or family -- its called FRAUD

and a short sale is not what the OWNER wants to sell the house for - its what the BANK AGREES to sell the house for per THEIR Appraisal.
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Old 03-28-2014, 09:33 AM
 
Location: 77450
472 posts, read 668,897 times
Reputation: 301
Quote:
Originally Posted by FlaLadyB View Post
ah....its against the LAW to sell the house to a friend or family -- its called FRAUD
REALLY? I didn't know that. What if my friend loves my home and wants to buy it at fair market price with cash? I just can't sell to him?
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Old 03-28-2014, 09:36 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,204,029 times
Reputation: 1999
not if you have a mortgage --- and its a short sale. NO The bank has the last word.

The fraud part come out when the owner wants to buy back his own house at a lower price by selling it to a "friend" or relative who then "sells" it back to him--cutting the bank out of money owed
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