Alliee your absolutely correct if you sold your home at arms length and moved, were transfered or just moved up or down in home size you may come back at any future time and re-purchase your home.
If you own a home and are behind in payments and your lender filed a “Notice of Default” against your property then you need to be careful as you can catch up your payments or modify your terms with your lenders concensus, legally sell your home for FMV if you have equity, you can ask your lender to agree to a “Short Sale” or you will end up in an unwanted consiquence of a foreclosure.
Now you can sell your home for FMV and then be offered or ask about an opportunity to rent it, however if you are trying to “Short Sale” your home be very careful!!
If you are behind in payments and your lender filed a “Notice of Default” and you pleaded your case to accept a “Short Sale” you have effectively asked and been granted permission to sell your home for the best possible “Short Price” you can get. Now if you got a realtor and listed your property and are guided in the sales process by a independant professional who is responsible to get a fair price for the property your in a good position.
Federal law say’s that a “Short Sale” shall be a “Arms Length Transaction” between two parties! This means when your short selling your home you are supposed to get the best priced offer in good faith for your lender!
Now when someone approaches you and say’s “I can help you short sale your home, allow you to rent / lease it and give you the option to buy it back in 3, 4 or 5 years” What just happened??? Well nothing if you turn around and walk away!
But let’s say you listen and then except this offer; you have now destroyed the “Arms Length Transaction” as you just excepted an offer because you were promised to recieve something in exchange for an agreement to buy your property at “Thier Price” now you present this offer to your lender but what you fail to tell your lender is the little part about being told “I can help you short sale your home, allow you to rent / lease it and give you the option to buy it back in 3, 4 or 5 years” and agreeing to it.
You see although currently the state and federal government are not prosecuting these transactions they could turn around and start doing so at any time and although the federal statute of limitations is 5 years, the state statute of limitations is 7 years.
You see if I offer you something in spite of both state and federal law prohibiting a homeowner from recieving compensation in a short sale I effectively offered you a bribe and asked you to except my offer in light of my bribe is fraud. This negates the transaction from being “Arms Length” as your recieving something to except my offer!!!
As a real estate investor I do not want to violate state and federal law but if I offer something (Save Home, Rent / Lease and Option to Repurchase Home) I just effectually paid you to agree to my short sale offer even though my offer is for less than market value and under normal circumstances you would probable counter or decline the offer as being to low, but when this is excepted and you send it to your lender and they approve it as “Probable the best offer available” they do so without the disclosure information that the buyer has told you that you can rent / lease it and have the option to buy it back!
In this situation the real estate investor and the property owner conspire to defraud the lender! The investor offer’s to save the home and rent / lease it back to the original homeowner with an option to purchase it back down the road, this offer has value however the state and federal law in every state say the seller can not recieve any additional payment in a “Short Sale”!