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Updated over 1 year ago on . Most recent reply

Manuel Ramirez's profile image
Manuel Ramirez's profile image
Manuel Ramirez
  • from Boston, Massachusetts
  • Member since Mar 21, 2014
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Manuel Ramirez's profile image
Manuel Ramirez's profile image
Manuel Ramirez
  • from Boston, Massachusetts
  • Member since Mar 21, 2014
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Manuel Ramirez
  • Boston, MA
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Foreclosures

Suggestions on buying parents short sale home?

Manuel Ramirez
  • Boston, MA
Posted
How can I go about purchasing my first short sale income property home from my parents? The problem is I don't think I have enough funds for a down payment. Should I look into private lenders? If yes how long are they usually set up for? 30 year fixed loans ?
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

You can't. The lender will require an arms length transaction and won't allow a related party to be the buyer for a short sale.

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