Comments on: Can the buyer of a short sale home, turn around and rent it back to the people that are short selling? http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/ Real Estate and home sale topics of general interest Mon, 12 Jul 2010 12:07:02 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: DannoREA http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1033 DannoREA Wed, 08 Apr 2009 12:41:49 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1033 Sounds to me like this would be the ideal scenario. You get 2 years to stay in your home, repair credit ratings, and save money for the move! Be careful, get an attorney, and GOOD LUCK! Sounds to me like this would be the ideal scenario. You get 2 years to stay in your home, repair credit ratings, and save money for the move!

Be careful, get an attorney, and GOOD LUCK!

]]> By: Mustbe http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1032 Mustbe Mon, 06 Apr 2009 18:45:18 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1032 Hi You has owner may rent to anyone you choose. Hi
You has owner may rent to anyone you choose.

]]> By: open4one http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1031 open4one Sat, 04 Apr 2009 22:26:16 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1031 Legally speaking, yes. However, the lender will be looking closely at the proposed transaction, and are not required to agree to anything short of full payoff. If they see this being done, they might just say "no". Once the deal is done and they get what they've demanded, they'll never look at it again. Even if they do, as long as no one has lied to them about this aspect of the transaction, there's not much they could do then. If anyone DOES lie to them, though, it could be grounds to rescind their part of the deal and come after you for any deficiency, even if forgiven. Don't offer the information, but if asked, don't lie. Legally speaking, yes.

However, the lender will be looking closely at the proposed transaction, and are not required to agree to anything short of full payoff.

If they see this being done, they might just say “no”.

Once the deal is done and they get what they’ve demanded, they’ll never look at it again. Even if they do, as long as no one has lied to them about this aspect of the transaction, there’s not much they could do then. If anyone DOES lie to them, though, it could be grounds to rescind their part of the deal and come after you for any deficiency, even if forgiven.

Don’t offer the information, but if asked, don’t lie.

]]> By: chatsplas@sbcglobal.net http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1030 chatsplas@sbcglobal.net Sat, 04 Apr 2009 09:20:40 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1030 If it's an arms-length deal, yes it is legal. It only works if their costs are low enough that you can afford to pay the rent and utilities. With a short sale and lower interest rates, this can happen sometimes. If it’s an arms-length deal, yes it is legal.

It only works if their costs are low enough that you can afford to pay the rent and utilities. With a short sale and lower interest rates, this can happen sometimes.

]]> By: Getting Started http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1029 Getting Started Fri, 03 Apr 2009 11:02:34 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1029 you have to look at the laws in your state. in california you can if the new buyer is purchasing the property as an investment property. if he is purchasing as owner occupied he has to live in the property for 6 months afther that he can rent it out. Hope this helps. you have to look at the laws in your state. in california you can if the new buyer is purchasing the property as an investment property. if he is purchasing as owner occupied he has to live in the property for 6 months afther that he can rent it out. Hope this helps.

]]> By: crzymomma http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1028 crzymomma Wed, 01 Apr 2009 13:06:37 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1028 depends. Sometimes at your closing you will sign papers stating that you will live in the house, and not be allowed to rent it. depends on the bank whose loaning the money. depends. Sometimes at your closing you will sign papers stating that you will live in the house, and not be allowed to rent it. depends on the bank whose loaning the money.

]]> By: elaeblue http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/comment-page-1/#comment-1027 elaeblue Tue, 31 Mar 2009 20:36:06 +0000 http://www.realestatehomesales.net/blog/real-estate/can-the-buyer-of-a-short-sale-home-turn-around-and-rent-it-back-to-the-people-that-are-short-selling/544/#comment-1027 Once they own it they can do whatever they want to with it. Once they own it they can do whatever they want to with it.

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