Is This Legal??
Is it legal for me to buy a property with cash in someone elses name cheap, then 2-3 months later buy it back from them and make alot of money?? Ive heard that its fraud, is that true?>
Is it legal for me to buy a property with cash in someone elses name cheap, then 2-3 months later buy it back from them and make alot of money?? Ive heard that its fraud, is that true?>
why don't you just buy it really cheap with cash, then sell it to someone else and make a lot of money?
[addsig]
If you're trying to hide your ownership, and sign anything saying you don't own it, or testify under oath, denying your ownership, that would be criminal fraud.
You need to have both sales backed up by appraisals, but this is how the issue of seasoning got started. A bunch of investors got together and did just what you are saying over and over until it got to the point that the house in question wasn't worth anywhere near what the mortgage was. They then just walked away from the house and stuck the bank with the property.
Be ethical in all your endeavors and you won't have a problem.