Is it legal or illegal to give home owner money from a short sale deal

Foreclosures, Short Sales, Tax Foreclosures
1

I got a seller that has a short sale but want to get $30k out the deal. I don’t mind paying $30k as long the deal make sense and there’s enough to pay every one involved in the transaction, but I want to make sure before moving forward if this is ok or illegal.

Thanks

2

Hi,

It is illegal to give the seller anything as a benifit to them in a short sale!

Now you can buy a lawn mower, refrigerator or washing maching for $250 or $500 for a couple of things to help the seller with moving expenses, but that is strictly up to you, and must be done after the sale! I never exceed buying 2 or 3 things for more than $1k cash if I do it at all, just depends on whether I can use or resell what I agree to buy. (At a loss!)

In a short sale the seller can not legally benefit from the sale!

             GR
3

Thanks for your reply I wanted to make sure I’m not going over the law here.