Updated almost 7 years ago on . Most recent reply
Double Closing a Short Sale
Someone approached some of the investors I work with for a "favor." Long story short, Person A is attempting to buy his parent's house from them. (They have dementia and weren't making payments, now the house is in a short sale situation). The lender told Person A that family is not eligible to buy the home. Someone recommended to them that they have Investor B buy the house and then double close so it's Investor B selling to person A.
Is this a legit strategy? I have always heard of restrictions on reselling short sales within a certain time frame, but I'm having a hard time finding legitimate documentation on this.