Hello and Welcome to the Top Orlando Realtor podcast ,I’m your host John Conde with ORC and
today I’m going to answer a question from one of our short sale clients who resides in Poinciana.
Jose asked if he can Buy his Home Back after we Short Sale it?
The answer is yes, but the transaction has to be done a certain way.
Orlando Short Sale, Can I Buy It Back?
1- “Some cash investors specialize in doing short sale buy backs to the original seller….”
2- “There are ways that it can be done through your lender but you have to jump through some hoops….”
3- “Making Home Affordable Program” now allows an investor or Non-Profit Organization to buy…. a property then lease it or resell it back to the original seller…”
* You have to qualify for a HAFA short sale first …
* Your bank still has to approve the sale of the property to the investor or non-profit…
* There’s absolutely no guarantee your lender will agree to this so…
4- “So what’s to stop an investor from doing this without the banks approval?… Nothing….”
5- “When doing a short sale buy back with an investor with or without the banks approval expect to pay….”
6- “Never… ever do this type of deal with friends or family….” [wait until you hear this story!]
7- “A typical cash investor will want at least 3-5% of the purchase price….”
Feel free to submit any questions or topics you’d like to hear about by going to http://orlandorealtyconsultants.com/ and we’ll do our best to talk about it on the show.
Thanks for listening, see you next time