Hello and Welcome to the Top Orlando Realtor podcast, I’m your host John Conde with ORC, and<\/p>\n\n\n\n
today I’m going to answer a question from one of our short sale clients who resides in Poinciana.<\/p>\n\n\n\n
Jose asked if he can Buy his Home Back after we Short Sale it?<\/p>\n\n\n\n
The answer is yes, but the transaction has to be done a certain way.<\/p>\n\n\n\n
[Episode Summary]<\/p>\n\n\n\n
1- “Some cash investors specialize in doing\u00a0short sale buybacks to the original seller….”<\/p>\n\n\n\n
2- “There are ways that it can be done through your lender but you have to jump through some hoops….”<\/p>\n\n\n\n
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…”<\/p>\n\n\n\n
* You have to qualify for a HAFA short sale first …<\/p>\n\n\n\n
* Your bank still has to approve the sale of the property to the investor or non-profit…<\/p>\n\n\n\n
* There’s absolutely no guarantee your lender will agree to this so…<\/p>\n\n\n\n
4- “So what’s to stop an investor from doing this without the banks’ approval?… Nothing….”<\/p>\n\n\n\n
5- “When doing a short sale buyback with an investor with or without the banks’ approval expect to pay….”<\/p>\n\n\n\n
6- “Never… ever do this type of deal with friends or family….” [wait until you hear this story!]<\/p>\n\n\n\n
7- “A typical cash investor will want at least 3-5% of the purchase price….”<\/p>\n\n\n\n