Questions About "trusts"
We are in the business of acquiring pre foreclosures and doind a short sale, then selling. We have the concept of this but we think that we could do it more efficiently. What we have done so far is had the seller "quit claim" the property to us then sell it to a buyer. We already have the bank approval for short sale and have time frame to sell but we think it would be best to put into a trust for chain of title purposes for the buyer (sometimes I let my mortgage broker and real estate brain tke over and complicate everything) I just would like someones expertise in this matter.
Thanks
Some people buy property like that in an LLC set up for just that reason, then just sell the LLC to the final buyer, no chain of title issues.
My guess is legally only one at at time, because you can only have one primary residence at a time.
Of course if you are trying to defraud a lender (jail time) then the sky is the limit...until YOU get caught.
Let us know when you are invited to the Grey Bar Hotel.
John (LV)
If these were legit moves, then I see no problem.
It is just that a lot of investors try to take advantage of the lower rates offered for owner occupied properties when the the house is actually a non-owner occupied investment, which is a NO NO.
John (LV)
I do not understand your question. What exactly are you trying to accomplish?
On your credit report, there is no indication if the mortgage amount is for an investment or primary residence property.
When you get a loan, the lender will ask you for your other real estate, but they will not ask if you initially got the loan as a primary residence or investment property.
I am assuming that you are trying to get a lower interest rate by claiming the investment property will be your primary residence. This is loan fraud. But there is no way that your lender can dispute your claim that you plan to move to that property.