Sellers leasing home back from buyers

Does anyone know anything about Sellers shortselling their homes and leasing them back?  I was always told that banks will not allow the sellers to rent the homes back to the sellers but I keep seeing this on Facebook https://www.facebook.com/helpsharetheword/app_190322544333196
Is this a scam?

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Permalink Reply by Norene Williams on August 20, 2013 at 10:26am

OK, Well I am in Florida.  I have a few clients that this would benefit.  For instance, I have one paid $295k for house in 2007, house is now worth about $160k and needs a new roof.  Rent would run about $1500 per month which would be affordable for her.  My concern here is that it is not a scam after the purchase.  Do you know anybody who has gone this route and has it helped anyone get back on their feet?

Permalink Reply by Christina Henley on September 8, 2013 at 3:47am

it is not a scam.  i work with them directly and you are welcome to call me.  954-290-2772.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 8, 2013 at 5:52am

Norene -

 

Simply ask the Short Sale Lender what their policy is.  You have to disclose it anyway so why not ask upfront...

Permalink Reply by Rodney Mason on September 9, 2013 at 4:40am

The Seller would need to contact thier Lender to see if that would be acceptable.  Most Short Sale agreements prohibit such arrangements. Other than the purhcase of the property, there can be no other relationship between the Buyer & the Seller.

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