My mother wants to help me out by buying one of my properties. I have resigned from my fulltime job need cash

Question

I resigned from my fulltime job to pursue real estate and found out its really hard to make the transitition. My credit score has went down bad and she has great credit but is on a fixed income. Can she buy the property, its appraised at 74k and would like to sell to her for 69k. Can we do this sell???

Answer 1

If you owe less then 69k and she qualifies for the loan then she can buy the house.    It is not legal to short sell.

No wonder you are not doing so great in real estate.

Answer 2

Well you would still be responsible if you are upside-down on your loan.  If you were thinking about a short sale then NO because you can't sell to family. As long as you aren't upside-down you can sell it without a problem.