Cashout Refinance on Private Sale
Hello everyone!
So my business partner and I recently did our first pre foreclosure sale and all we did was sign a purchase agreement, addendum to that agreement, and memorandum of agreement with the seller, and then upon receiving the warranty deed we paid off the loan through the trustee. We did a title search, but did not actually go through a title/escrow company as the sale of the property was only a few days away. Anyhow, my question would be how would the bank know what the initial purchase was for? In regards to cashing out at 75 ltv I know there's a seasoning period (usually 6 months), so what would happen in my case if it was a private sale and only thing on title is that we have the warranty deed effective a week ago? Please advise as this is a new topic to my associate and I. Thanks in advance for any feedback!