Boston, MA · Member since 2014 · 11 posts · 2 votes
How can I go about purchasing my first short sale income property home from my parents? The problem is I don't think I have enough funds for a down payment. Should I look into private lenders? If yes how long are they usually set up for? 30 year fixed loans ?
Ditto what @Jon Holdman said. You cannot buy a family member's or friend's property in a short sale, which is a legality set up to guard against fraud.
Now if you meant instead that your parents have a contract on a short sale property that you'd like to take over/buy from them, that could be a different animal ... though I still don't think you'd be allowed to do it.
And loans from private lenders are typically much shorter terms, nowhere near 30 years. I believe 1-2 is the norm, though someone else can correct me if I'm wrong. (You might purchase a buy-and-hold using private money, but then you'd refi into a traditional loan.)