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Competing Offer On Short Sale Problem. Home Owners Parents!

DoubleDunny profile photo
  • Wednesday, June 18, 2008 @ 03:48 AM EDT
  • 4 Comments
I placed an offer on a short-sale (non-investment property) and shortly afterward I was told I was outbid. I just found out that the people who outbid me are the parents of one of the homeowners. I thought during a short-sale, it could not be between related parties.


[ Edited by DoubleDunny on Date 06/18/2008 ]
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  • DoubleDunny
    DoubleDunny16th June, 2008
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    I question the legality because lets say that the guy buys the house back from his parents in the future. The bank took a loss on the house and he would still be living there, or owning it. Essentially, it could erase his previous debt. That sounds like fraud to me.

  • ypochris
    ypochris16th June, 2008
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    I thought that in order to do a short sale, you could not be a related party?

    Chris

  • DoubleDunny
    DoubleDunny17th June, 2008
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    [ Edited by DoubleDunny on Date 06/18/2008 ]

  • TheShortSalePro
    TheShortSalePro17th June, 2008
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    If the family is rallying to save the house from foreclosure ... offer whatever advice you can to help them .. Be the hero.

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