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Updated over 7 years ago,

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13
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0
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Dawid Surowiec
  • Linden, NJ
0
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13
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Short sale to family member! Need help

Dawid Surowiec
  • Linden, NJ
Posted
What's going on PB community!! Unfortunately, my parents have dealt with unfortunate events and they haven't paid the mortgage since January 1, 2017 (today is 9/26/17). They received a short sale notice. I am a listed realtor since April and I have not dealt with short sales. I read the arm length addendum, so I can't buy the property since I am a family member. My question is, can I buy the property under an LLC at a discount and resell it? Also what if, my girl friend (which we are planning on get married in 2 years) buys the property under her name and sell it for market price. I'm looking for a loop hole but I do not want to preform mortgage fraud. Or is there any other option. Or even it's a two family house, can I live in the property for 2 years and sell it and not pay capital gains taxes? I appreciate the feedback in advance

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