Thread: Selling One's House to Themselves?

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Excellent site, keep up the good work. I read a lot of forums on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say I

thanks for this post

An example of this might be if your house has gone into foreclosure, the bank has purchased the mortgage at the sheriffs sale and you're in the middle of the redemption period. In this case you'll have a period of time in which you can redeem the house; in Minnesota it's six months. To redeem the property you'll have to pay the mortgage off in-full. If you have a substanital amount of equity in the house you might find an investor willing to do this for you but you'll find it difficult to get a mortgage through traditional channels. This is the closest example I can think of when someone is purchasing the house from themselves.

Originally Posted by agentsranking

An example of this might be if your house has gone into foreclosure, the bank has purchased the mortgage at the sheriffs sale and you're in the middle of the redemption period. In this case you'll have a period of time in which you can redeem the house; in Minnesota it's six months. To redeem the property you'll have to pay the mortgage off in-full. If you have a substanital amount of equity in the house you might find an investor willing to do this for you but you'll find it difficult to get a mortgage through traditional channels. This is the closest example I can think of when someone is purchasing the house from themselves.

I agree with agentsranking here. The only example I can think of is if a homeowner is trying to buy their house back from the bank in their statuatory redemption period. Here in Minnesota the stat redemption period is 6 months if the homeowner has <33% equity, or 12 months if they have >33% equity (but I'm unsure if this "equity" is based on current market value or based on original loan amount).

good post Thanks

I have seen this happening, may be to transfer it to someone other in family in order to save tax etc..

One thought about writing weird real estate stuff.. You might want to make sure it matters. In other words, if you write about selling property to yourself, include reasons it might be beneficial. Transferring is one example, but not sure that's under selling to yourself.

I thought it may have been a creative idea on how to refinance...I don't know how the bank would look at it though.