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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Check Section 1695... Posted by Ward-CA- on August 05, 2003 at 8:20 PM In Reply to: Selling back? posted by Gary Pascua on August 05, 2003 at 2:01 PM : I may be involved in a situation where the homeowner is willing to sign her property over for several thousand dollars to get her through the next few months. She really wants to stay in the home for her kids' sake, but understands it may all end soon if she doesn't do anything. The FMV WELL EXCEEDS the existing liens. : Am I "allowed" to sell the home back to that person for a "discounted" price off the FMV if that person goes out and gets a new loan? I know if this all works the way we're hoping it will, I won't make a huge profit, but I'll be helping her out and still be making some good money. : Thanks =-=-=-=-=-=-=-=-= Gary, You should probably read Civil Code Section 1695 on this website. I think you will come to the conclusion that a sale structured with a "buy back" provision will be treated as a loan rather than an actual sale. Follow Ups: Isn't this true everywhere.... Bill 9:29 AM, 08/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I may be involved in a situation where the homeowner is willing to sign her property over for several thousand dollars to get her through the next few months. She really wants to stay in the home for her kids' sake, but understands it may all end soon if she doesn't do anything. The FMV WELL EXCEEDS the existing liens. : : Am I "allowed" to sell the home back to that person for a "discounted" price off the FMV if that person goes out and gets a new loan? I know if this all works the way we're hoping it will, I won't make a huge profit, but I'll be helping her out and still be making some good money. : : Thanks : =-=-=-=-=-=-=-=-= : Gary, : You should probably read Civil Code Section 1695 on this website. I think you will come to the conclusion that a sale structured with a "buy back" provision will be treated as a loan rather than an actual sale. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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