08-17-2012 05:21 PM
We filed BK that was discharged in May 11'. Earlier this year we tried to SELL our rental property to a relative but unfortunatly and NOT surprisingly it did not appraise and the deal went dead. It's been 4 months now and I thought about doing SS. Balance 130k; appraisal value 105k (this past May).
Since relatives didn't qualify the spent a little bit of their $ for down payment and do not have enough for the 5% down.
It is my understanding that SS could take upto 6 months to get approved, if at all. Relatives will have $$ in maybe 2 more months. And the attempted regular sale was only 4 months ago..
Because the regular sale was only a few months ago.. Can we move forward with SS when relatives have $$ for dp?
How long should we wait if it's too soon?
Thank you in advance.
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