Lease-purchase short sale?
Does anyone know how a lease-purchase contract would impact the approval on a short sale? I have a buyer who would like to move into the property while we wait for the final approval. We were just declined because the seller was not delinquent on his loan. Would accepting any rent on the property negatively impact the final approval on the sale? This is a B of A loan, I but don't know if it's Freddie or Fannie or some non-GSE investor.
Replies to This Discussion
-
Permalink Reply by Bob Wienk on
-
I don't know if that will affect the short sale approval, but it will certainly affect the tax implications to the seller if it is now their residence. "Forgiven debt" is taxable income on non-primary-residential property.
-
-
Permalink Reply by Diane McCauley on
-
Bob - Thank you for that reminder!
Bob Wienk said:I don't know if that will affect the short sale approval, but it will certainly affect the tax implications to the seller if it is now their residence. "Forgiven debt" is taxable income on non-primary-residential property. -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons