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 email@example.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: