Is it legal to short sale a owner’s house and in return sell the property back to the seller’s brother? THe owner wants to know.
Thanks in advance,
Nick
I don’t know why not. The bank doesn’t care what you do with the property once you close on it and they’ve been paid. What you do with it after that is your call cause it’s now your house.
For whatever it’s worth, his brother is a landlord and you flipped the property to a landlord for a price acceptable to both of you and if he wants to rent it back out to his brother thats his choice if he’s the owner.
What a great country!
It is perfectly legal.
Yes it is legal. Once you own the house you can do whatever you want with it. You could probably even sell it back to the same person who foreclosed on it!
What about assigning the right to purchase the short sale to his brother? Or maybe do a double closing? Are any of those options possible or would i have to do an actual purchase before i can resell.