If I had a option to buy a house… and I wanted to help a family get qualified for a loan so they could buy the house through me and my option agreement… do you think there would be any trouble with the underwriter or broker because I only have an option on it or does it not really matter?
I imagine it wouldn’t matter because if anything happened they could always use that loan package to go buy another house right?
As long as the family member is on the option agreement I’m pretty certain it wouldn’t matter. If they can’t be added to the option there are ways you can set it up for them to buy it from you at the time you close on it using a trust and some other instruments, being that you are family though it isn’t a guarantee it’d work.
Yes Arie you can. Just make sure you get a competent attorney that handles these types of transactions. It may take some calling through the yellow pages to find one. But at the same time you also need to find a lender that will fund a deal on a house that you dont own. Find that dont have title seasoning issues. The search for your lender would be the hardest task.
Good luck and best wishes