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Sellers leasing home back from buyers

Posted by Norene Williams on August 20, 2013 at 8:31am in Short Sale Discussions

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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Replies

  • Rodney Mason 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.

  • Thom Colby CA Brkr 888-391-5245 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...

  • Norene Williams 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?

    • Christina Henley > Norene Williams 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.

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