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Short Sale bought by Corporation

I have a client's home in short sale, the property has been put in land trust for the purposes of the sale since the client has tremendous debt, and now my client's cousin who owns a corporation wants to buy the home at the short sale price throug the corporation.

The cousin has never bought a property under the corporation and has asked the following questions.

1. What is the rule regarding renting the property back to the current sellers at the lower value?

2. How should the contract be written, he is using only his corporation credit and does not want his personal credit pulled for the new loan?

3. Does he have to personally quarantee this loan?

Help!!!!!!!!!!!!! Feedback Needed!!!

Posted by Vangie Williams - Real Estate with Personality on 01/05/2008 01:37 AM

Comments (4)

short sales, real estate investment, virginia real estate, maryland real estate

Post is included in group: Chamber of Commerce Forum
Post is included in group: Real Estate with Personality

4 Comments on Short Sale bought by Corporation

JAN

2008

once the property is purchased the bank has no control over who he would rent it to.

Most likely he will need to sign a personal guarnatee on the loan.

Sean Allen

JAN

2008

It's no different than if a stranger brought the property. the corporation can do whatever it wants to the property just like a normal buyer.

Jeff...

I am concerned that my seller has ties to the corporation.

FEB

2008

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