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Elizabeth Weintraub

Can You Lease Back or Buy Back Your Own Short Sale?

By July 11, 2011

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There are a few banks who will let you do a short sale lease back.

But most banks make you move out if you're selling to a buyer on a short sale, regardless of whether that buyer is an investor. The little catch is you might have to deed the home to the bank to do a lease back. This puts the bank in the position of being your landlord instead of your mortgage holder. You become the tenant. But that suits some sellers just fine because those sellers do not want to move

Be very wary, though, of those for-profit companies and eager real estate agents who promise you that after a short sale you can stay in the home or even buy it back. Stay clear of those that tell you the laws have changed (they are most likely bending if not breaking the law). Some of those guys, no matter how loudly and profusely they deny it, are committing mortgage fraud . . . read more about mortgage fraud and a short sale lease back.

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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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