DESCRIPTION:

You can't list the property with or sell it to anyone that you are related to or have a close personal or business relationship with. In legal language, it must be an "arm's length transaction. You may not have any agreements to receive a portion of the commission or the sales price after closing. Depending on who owns your loan, the purchaser may not sell the property for any sales price within 30 days after the short sale settlement date. For the period between 31 and 90 calendar days from the date of the short sale settlement date, the purchaser is prohibited from selling the property for a gross sales price greater than 120% of the short sale price. The prohibitions described above must be included in the sales contract and deed conveying the property to the purchaser.