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Answers (8)
- Ron Harmon, "TriWest"
- Contributions:21
Your equity position would determine alot on your options. Simple solution would be to sell your friend 50% interest in your home to avoid unnecessary closing costs.
Depending on what you owe; you and your partner will probably have to get different loan requiring 10 to 30% equity position. How does that affect you on applying for a new home loan?
You will need to visit with a lender to see if you qualify to do both. It is all about having enough down payment requirements for both loans; and your income to debt obligations.
Depending on what you owe; you and your partner will probably have to get different loan requiring 10 to 30% equity position. How does that affect you on applying for a new home loan?
You will need to visit with a lender to see if you qualify to do both. It is all about having enough down payment requirements for both loans; and your income to debt obligations.
- Bonnie Johnson, "BestOregonBroker4u"
- Contributions:12
I believe this might work but definately NOT if yours is a short
sale. [soliciting removed by moderator]
Bonnie Johnson, Broker
[contact info removed by moderator. Please see Good neighbor policy for information of use of advice section]
- Janeese Jackson, "Janeese Jackson"
- Contributions:255
lots of good answers & options here. If I'm understanding your situation correctly, you need to sell your existing home in order to qualify for your next primary residence? If so, selling to an investor is, of course, an option. The issue will be how you will gain "title" to the existing property after it's sold to your friend/investor. There are a variety of options dictated by your & your investor partner's needs. You would probably want to consult 4 professionals: a real estate attorney (if you feel the need to have a "partnership agreement"), a title representative (for your title options),a mortgage broker (for lending options) and your CPA or tax accountant for any tax ramifications. Good luck! It sounds like you have a great plan for your real estate future...
Janeese Jackson, Principal Broker
- Call The Sisters, "Call The Sisters"
- Contributions:372
Selling and buying back again adds to the costs. If you own the property free and clear you can easily sell an interest. A title company can advise you the steps necessary to accomplish it.
If you have a mortgage on the property it's a little more complicated. You might be able to refinance and add the investor as a co-owner and co-borrower.
If you have a mortgage on the property it's a little more complicated. You might be able to refinance and add the investor as a co-owner and co-borrower.
- Michael Weiss, "mweiss1979"
- Contributions:31
A title company would be a place to go. I use Investor's Title 314.783.0591.
- Tina Africk, "tinaafrick"
- Contributions:1
The answer to this question depends on the your equity position in the home.In other words, is this going to be a short sale. If so then the answer is no due to arms length rules. What is the purpose of selling this home? Is it to get the loan off your credit freeing you up to buy another home? How will the buyer be paying for the home? This is relevent because if you sell the home to your friend and he is getting a loan then he is taking the full liability of the loan.
- Steve & Lisa Thoele, "Steve Thoele"
- Contributions:498
Hello,
I would recommend you consult with a real estate attorney to see what your options are and what would be the best way for you to establish joint ownership with your friend.
I would recommend you consult with a real estate attorney to see what your options are and what would be the best way for you to establish joint ownership with your friend.
- Dave Sutton, "Dave Sutton"
- Contributions:45
There are lots of ways to have multiple owners of real estate, and what you want may not require an actual sale and buy back. You may be able to sell an interest in your present home rather than selling your entire interest and then "buying back".
I'd suggest you contact a title company to review what form you want (Tenants in Common, Joint Tenants, etc).
http://www.investopedia.com/articles/mortgages-real-estate/08/title-ownership-property.asp is an article that may give you the basics and get you pointed in the right direction
I'd suggest you contact a title company to review what form you want (Tenants in Common, Joint Tenants, etc).
http://www.investopedia.com/articles/mortgages-real-estate/08/title-ownership-property.asp is an article that may give you the basics and get you pointed in the right direction
Can you sell a home that you currently own and re-buy it as a rental property with someone else?
Ultimately what I would like to do is buy another home, and have this one as a joint owner rental. Maybe an easier way is possible?
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