How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37819
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

In order to keep a fixer-upper property (not rentable) how

Resolved Question:

In order to keep a fixer-upper property (not rentable) how can I do an armslength transaction and sell the property to my parents. We are living in another house now with an upside down mortgage.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

You must sell the property for reasonably equivalent value, which means a price within the reasonable scope of fair market upon ordinary terms and conditions. If you do, then no one can claim a fraudulent transfer. If you don't, then a creditor can have a court void the transaction, and the property seized to satisfy the creditor's claims.


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Customer: replied 6 years ago.
Should we get an appraisal to get the fair market value or go by the tax accessors value?
Expert:  socrateaser replied 6 years ago.
You can probably get by with a competitive market anaysis/broker price opinion (BPO) from a real estate broker. But, a full appraisal would be better. The tax assessor's opinion is rarely current, which makes it usless for a purchase transaction.
socrateaser and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions