Archive for the ‘Allison James’ Category

Can A Household Member Or Somebody I Do Know Purchase My Short Sale?

Saturday, October 8th, 2011

Hello I am Jeff Reyes, and I am Jeff Green. We’re the Jeff Actual Estate Team with Allison James Estates and Homes. We are additionally a premiere short sale team. We have a well-liked query that will get requested a lot. That’s, can a family member of mine purchase the house or any person I know? Principally the query comes back to can they buy it and I can stay within the dwelling? Or typically can I just promote it to a member of the family as a result of there may be an emotional tie to it.

There is in real estate, something that’s called an arm’s size transaction. Because of this throughout the transaction, there must be a distance between you and the buyer. That distance needs to be between relationships, being related. So if your family member wants to purchase the house, the answer is sadly no. They’re going to do an announcement of knowledge on you as well as a background check. A whole lot of banks require the social security numbers not solely of the vendor but the purchaser as well. They simply do a fast evaluation and sometimes you can’t promote it to a household member. You might be wondering why until you have a look at it from the investor’s level of view. This individual owes me $300,000 and the house is price $a hundred and fifty,000, so they’re taking a $one hundred fifty,000 hit. If I’m going to take this hit, there ought to be consequences to this person. The reason why they do that’s as a result of if you have been in a position to promote the house to anyone you understand and stay in the house, in addition to your credit, the place is your consequence? They want to be able to say, do away with it and transfer on. There has to be consequences.

That brings up another question. Can my house be offered to an investor and rented back to me? That isn’t a question that we deal with as a result of we do not cope with the landlord/tenant difficulty of the property after the sale. There may be some paperwork that the financial institution has you signal saying you won’t try this, however there may not.

The bottom line with all of that is that folks try issues; they do things to try to maintain their house. You need to bear in mind that in the event you fraud a federally insured institution, which all banks are, you are committing a felony, and you might go to jail for it. We don’t participate in that. It isn’t worth our time to do something that’s going to result in prison. We encourage you to discover a higher solution.

These going through foreclosure could really feel imprisoned in your present state of affairs, however once you get out by means of liquidating the property, you may feel quite a bit better. We’re right here to talk to you about that. Whether or not you decide to do a short sale, we might be completely satisfied to discuss your choices and offer you some pointers and issues to look at. Give us a call or electronic mail us. We are the Jeff Team, a premiere short sale team.

Get more help from short sale Realtors, Jeff Green and Jeff Reyes, at

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