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Make sure you option is recorded with the title at the time of sale.
So it appears that they are leaving it open. Yet we always say that a seller can not in any way benefit from a short sale yet a leaseback option the seller does benefit.
FRONT. Do not sign the your house over to someone without a short sale approval letter, a realtor, and an escrow company involved in the sale. And if you still have doubts make sure your have an attorney review everything.
Please do your research before declaring things illegal that are not.
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I found this and feel the need to correct some of you.
If the investor who owns the loan does not have a problem with it then it is 100% legal.
Some lenders have a policy of only allowing arm length transactions on short sales. If your lender requires this you CANNOT lease your property after a short sale.
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Short Sale With Leaseback Option
Can it be legally done or is there some deviation from a straight "leaseback/option"? I am not interested Nike Womens Parka
The California Civil Code states:(e) Whenever any equity purchaser purports to hold title as a result of any transaction in which the equity seller grants the residence in foreclosure by any instrument which purports to be an absolute conveyance and reserves or is given by the equity purchaser an option to repurchase such residence, the equity purchaser shall not cause any encumbrance or encumbrances to be placed on such property or grant any interest in such property to any other person without the written consent of the equity seller. Nothing in this subdivision shall preclude the application of paragraph (3) of subdivision (b).
The company I work for is American Homeowner Preservation. Our website is [REMOVED]. We have an A rating in with the BBB and have been facilitating lease and options on short sales for over three years now.
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There are many reasons I won go into here but the first one is this: why do you want a tenant who Nike Leggings Pink Stripe just showed they can perform on their mortgage as a tenant? How long until they stop making payments or say you took advantage of them and they didn know what they were doing? If the bank doing the short sale finds out (unlikely but possible, especially if turned in by the tenant/person who lost the house to the short sale) they will pursue you and they should IMHO. Don make things hard on yourself. If you want to buy a short sale find a new tenant or buyer. Period.
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Please spare me the advice on whether I want to do it or not from a investor point of view I want to know from a transactional / legal point of view.
Edited Jun 24 2011, 08:43 by Moderator
A short sale that ends with the seller leasing the property and having the option to repurchase is absolutely NOT illegal.
Disclose the intention in the purchase contract.
Please do your research on a company before agreeing to a leaseback program.
NEVER sign title of your house over to someone unless it is an approved short sale transaction.
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(paragraph 3 subdivision b is not relevant to this inquiry)
in anything that "pushes legality" if it is not completely straight and open and legal I will not do it.
Please advise. (and if you all come back and tell me you do it all of the time and that it is perfectly legal it OK to snicker at my ignorance)
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