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Buyer at Auction Renting Back

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  • 01-26-2009, 10:43 PM
    losingit
    Buyer at Auction Renting Back
    My question involves a foreclosure in the State of: CA

    I am going through ALL the fun of bankruptcy and foreclosure.

    There is a relative who may be interested in bidding/buying the home at auction as a long-term investment - renting back to me.

    Is this
    a) blatantly illegal
    b) something that will make the bankruptcy court go nuts
    c) something that would look like some kind of scam
    d) a really good idea
  • 01-27-2009, 08:47 AM
    OhMy
    Re: Buyer at Auction Renting Back
    Quote:

    Quoting losingit
    View Post
    My question involves a foreclosure in the State of: CA

    I am going through ALL the fun of bankruptcy and foreclosure.

    There is a relative who may be interested in bidding/buying the home at auction as a long-term investment - renting back to me.

    Is this
    a) blatantly illegal
    b) something that will make the bankruptcy court go nuts
    c) something that would look like some kind of scam
    d) a really good idea

    A) Not illegal at all
    B) You are fine with this
    C) Lets say it is your mom, no scam
    D) Sure if you owe $450,000 and your (mom) can purchase it for $300,000 , It is a GREAT idea. I would go for it.
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