Updated over 10 years ago on . Most recent reply
Buying a short sale
I recently found out that my mom is selling her home of 10 years. She fell back on a few payments and is now doing a short sale. I really thought about buying the home, but she is out of state and I know nothing about short sales. I hear it's very complicated, but maybe there's another way of doing this? Since I am her family? The home is very big close to a school and since she is out of state, I was thinking she could be my PM. Any input on this? This might be my first deal by the way. Hoping I can actually go though with this?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
If its truly a short sale, the lender won't let you buy it. They want an arm's length transaction, so anyone related to the seller won't be allowed to purchase the property.
Find out the numbers, though. Perhaps she's not as far underwater as you think and maybe there's a deal there without a short sale.