I want to buy an Reo but it is owner occupancy. Its a great deal in a good area and I know I can maybe do a land trust, but if the bank does not accept the land trust what are my options? If I buy in my name then deed it to the trust it should work. But if they find out that I sold my interest in the property what would be the penalties does anyone have info on that?Will I be blacklisted. Any help would be much appreciated. BTW I am a Realtor and dont want to lose my license either.
The seller shouldn't care what name you buy in or whether you transfer title...all they care about is that you live in it for a year if you buy it as an owner occupant. The lender may care -- if you have a lender -- but the seller shouldn't.
It's an all cash deal. Fannie has stipulations on selling for 3 months or for a certain percentage if not you can be fined 10 to 20k. This is Wells Fargo. I
Wanting to know if anyone has encountered a problem after they have. Ought and sold under these kind of stipulations.
Updated about 5 years ago
Typing from my phone sorry for the typos.
If you buy it under the guise of being an OO, but don't actually plan to occupy it as an OO for at least a year, you're committing fraud. I don't know what the penalty is, but if you plan to do this with fraudulent intent, I hope you find out.
Don't buy as an OO unless you plan to occupy for at least a year.
Your right. I thought there was a legal way to do it I dont want to go down that road. Will just have to put in my offer as is and hope for the best. Thanks for the advice.
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