Jacksonville Florida Short Sales FAQ: Can My Brother Buy My House, then I rent It From Him?
While this would seem ideal, be able to stay in your home, rent it from a family member or friend for for a few years, then buy it back for market value. The bank is not going to agree with you on this one. Most banks now require your short sale transaction to be an arms length transaction. Meaning, all parties are not family members, business associates, or share a business interest. That’s actually a sentence taken from a Wells Fargo Arms length transaction form. They also state that there can be no agreements written or implied for the seller to stay in the property after the close of their short sale.
The banks are getting more aggressive on this subject and some require ALL parties (from the buyer and seller, to both agents and closing company) to sign, stating their are no agreements in place.
For more information on this topic, written by a Florida Attorney: Freddie Mac Short Sale Affidavit
Got questions? Are you in a short sale and/or pre-foreclosure situation with your Jacksonville Home? Call me at 904-910-3516 or send me an email at pam@pamgraham.com.
I am not an attorney or tax expert, you should seek legal or tax advice from an attorney and CPA.
Coming soon, more Jacksonville Florida Short Sales FAQ:
How long will a short sale take?
Will the bank come after me for the difference?
How will a short sale affect my credit?
I have no money, will I have to bring money to closing?
How will the closing costs get paid?
How long does it take for the bank to foreclose on my home?
What are the tax ramifications doing a short sale?
How does the bank determine how much they will accept?
Can a family member buy my home, then let me stay and rent it from them?
How do I hire the best real estate agent to get my short sale done?
