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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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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: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 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.


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Customer: replied 7 years ago.
Should we get an appraisal to get the fair market value or go by the tax accessors value?
Expert:  socrateaser replied 7 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.
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