Selling a house to a friend; what to do. - Page 2 - TigerDroppings.com

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777Tiger
LSU Fan
Member since Mar 2011
11182 posts

re: Selling a house to a friend; what to do.


quote:

Fiancé...male
Fiancée...female


Come on nurse, only womenz know stuff like that.






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Carson123987
LSU Fan
Middle Court at the Rec
Member since Jul 2011
36983 posts

re: Selling a house to a friend; what to do.


quote:

A simple handshake and your word should be plenty enough to close the deal.








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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10886 posts

re: Selling a house to a friend; what to do.


quote:

Title search if one of you is queasy, but to me, that's another scam


There is no reputable lender on earth who will lend on a property without a title search. The buyer must also purchase title insurance to cover the lenders' interest but title insurance for the buyer is optional.

To the OP.

You don't get a line of credit to buy a house. You get a mortgage from a bank, mortgage broker or mortgage lender. There are rules and regulations in place that they will follow to make the loan. Contrary to some of the other "advice" that has been given by a few you don't have a choice when it comes to following those rules and regulations.






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sicboy
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33605 posts
 Online 

re: Selling a house to a friend; what to do.


Well, he got approved for something. "Large purchase" is what they told him.





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777Tiger
LSU Fan
Member since Mar 2011
11182 posts

re: Selling a house to a friend; what to do.


quote:

There is no reputable lender on earth who will lend on a property without a title search
Back when I was young and naive, I fell for this scam. Once. Ever since I discovered what a scam this is, I've stood my ground, even up to the point of closing. I just say, if it makes you sleep better at night, then you get a title search, I'm not paying for one. Somehow, this problem always seems less important at closing, and always seems to take care of itself.



This post was edited on 1/12 at 2:26 pm


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molsusports
LSU Fan
Member since Jul 2004
26763 posts

re: Selling a house to a friend; what to do.


Because it is between friends and you don't want anything to disrupt your friendship... I would still have the home inspected by a neutral third party so you're both aware of the basic issues that would normally come to light when you buy/sell a home.





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jguidroz
LSU Fan
South Louisiana
Member since Sep 2006
1589 posts

re: Selling a house to a friend; what to do.


I just bought a home that was being sold by the owner (no realtor). The bank literally told me I only needed a piece of paper signed by both parties with the sale price for the purchase agreement.

Now, we still went through and did a purchase agreement (LA documents that any realtor would have you fill out) and property disclosure as part of the sale. The paper work is not hard. Once it's signed, the bank takes care of the rest.






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777Tiger
LSU Fan
Member since Mar 2011
11182 posts

re: Selling a house to a friend; what to do.


quote:

The bank literally told me I only needed a piece of paper

As I said earlier, they try to make it seem like they're the Wizard, and no one else is smart enough to do this. It's all pretty simple. I did sell a house to a friend once. It went smooth as possible. I was out of the house, and he was in it within a week. He gave me the $, I gave him the title. Nothing hard about that.






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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
9210 posts

re: Selling a house to a friend; what to do.


quote:

I just bought a home that was being sold by the owner (no realtor). The bank literally told me I only needed a piece of paper signed by both parties with the sale price for the purchase agreement. Now, we still went through and did a purchase agreement (LA documents that any realtor would have you fill out) and property disclosure as part of the sale. The paper work is not hard. Once it's signed, the bank takes care of the rest.


This is all you need to know. This is no different than a FSBO. You two sign the purchase agreement and his lender will take it from there. You are the seller so you really have nothing to worry about since all you are getting is a check at closing. As long as it clears, you are good.






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