Posted on Sep 26, 2012 in Roseville and Sacramento Short Sale FAQs

Thanks for coming to my blog today, I’m Mark Peek, your short sale specialist at Keller Williams in Roseville and Sacramento. I wanted to talk today about whether or not you can stay in your home after completing a short sale.

Typically when we do a short sale, the banks require an arm’s length transaction affidavit; most of them require all parties (agents, buyers, sellers) to have a notarized affidavit. This makes it a serious thing. Basically, they’re ensuring that there aren’t any business relationships or any other side deals going on that aren’t disclosed to the bank, such as the seller maintaining occupancy after the close of escrow or the seller renting the property back. This is with a standard, traditional short sale.

There is a short sale leaseback option available, however it depends on the investor and the home has to be sold to a qualified non-profit organization. If you think you might be interested or would like to see if you qualify for this, you could potentially, through a certain program in HAFA, do this. If you chose to do this, you wouldn’t sign an arm’s length affidavit and this deal would be fully disclosed to the lender. Not everyone will do this; it really depends on who your servicer and lender are. Do you qualify for this? Is this something you might be interested in? After your leaseback time period, you could possibly repurchase your home again at a price that’s determined by the non-profit.

If this is something you might be interested in or if you would like information on short sales in general, give me a call or click Start at the top of the page to provide your information. We can discuss whether or not doing a short sale with a leaseback might be a good option for you.

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