Short Sale Involving Family
I am new to the real estate investing market and I have an interesting question. Is it possible to short sale a property owned by a family member??
I have been interested in entering into real estate investing for a while. Recently my in-laws have fallen on some hard times financially and they are almost 3 months behind on their mortgage. Their mortgage payoff (1st and 2nd) is nearly $100k with a market value around the same. Their home is in need of some significant repairs (new bathroom and kitchen) which I could do myself. So I figure if I could propose a short sale to their lenders for even $50k - $60k, do approximately $10k of repairs and then walk away with a $30k - $40k profit. My only hesitation is if there are any legal problems with the short sale coming through me as a relative. Any insights would be appreciated...
Comments(0)