Legal Question in Real Estate Law in California
is it legal to buy short sale property from a relative?
Asked on 6/20/10, 12:44 pm
3 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Offhand, I cannot think of a reason why it would be illegal, so long as all other aspects of the transaction are above-board and the lender who must approve the short sale is fuly informed of the relationship. A short sale is subject to the usual rules relating to contracts, including the rules relating to fraud.
Answered on 6/20/10, 9:07 pm
I agree with Whipple. There is nothing per se illegal, but if the price is collusively set to reduce the amount paid the lender, then it is fraud.
Answered on 6/21/10, 10:54 am
Anthony Roach
Law Office of Anthony A. Roach
I agree with Mr. Whipple to the extent that the bank knows of and then approves of the transaction.
Answered on 6/21/10, 8:44 pm
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