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Wholesaling

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Jeremy Taylor
  • Investor
  • Southern California
6
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61
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Can someone be on title and not on loan?

Jeremy Taylor
  • Investor
  • Southern California
Posted Oct 9 2018, 06:54

I'm trying to buy an REO from a wholesaler. Due to the contract being NON assignable he has suggested we leave him on title with me and quit claim him off after closing. I understand the strategy and I like the idea of avoiding the costs associated with a double closing but it makes me nervous because my lender is saying he needs to be on my loan as a joint venture. Does anyone know if I can get a loan(hard money) by myself with him on title?

Also how would you recomend I protect myself in this scenario. Can I write up a contract stating his intention pre close of escrow? 

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