Short sale legal or not?

**barefoot** · 03-29-2011, 10:57 AM

I am having to short sell my house once sold would it be legal in time if my father bought the house if it came back on the market ever again and then let me live there rent free and leave me the property in his will? As I read the contract it must be sold at arms reach which I understand by me but if the new owner ever sells it on could my father buy the property back for me without me breaking my contact with the bank for the original short sale?

**jumpingspidermedia** · 03-30-2011, 08:32 PM

Short sales allow a homeowner to close on the sale of property worth less than the debts secured by it.When it comes to being illegal or not I suggest that you'll get a lawyer's opinion!

**rduncan610** · 04-28-2011, 01:09 PM

I would be surprised if the short sale agreement prevented a relative from buying the property after it was sold in an arms length transaction, but the nature of arms length wouldn't make that sale likely for quite a while.
Richard