Home Buying in 98104>Question Details

Lny Dri, Home Buyer in Camas, WA

If i request a Home on a Hire Purchase basis is it available in turn to use the Home of request for a Home Equity Line of Credit Loan?

Asked by Lny Dri, Camas, WA Sun Dec 29, 2013

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6
I believe that in a Home on a Hire Purchase, the title to the property (as recorded at the county seat) is retained in the seller's name and the buyer has an equitable interest commensurate with their investment in the property. A HELOC will only be granted to the titled owner of the property.
1 vote Thank Flag Link Tue Dec 31, 2013
Wish I could help but this is not a question for most brokers. Perhaps ask the bank or a real estate attorney could assist you.
0 votes Thank Flag Link Mon Dec 30, 2013
Thank you. I just have to find the Best and the Best.
Flag Mon Dec 30, 2013
Taking your advice and looking this up on Wikipedia it appears you're talking about some sort of a real estate installment purchase contract, or what we call simply a real estate contract.

I would suggest you read these two cases:

http://www.leagle.com/decision/198043094Wn2d336_1397 (Cascade Bank v. Butler)
http://www.leagle.com/decision/198043094Wn2d336_1397 (Freeborn v. Seattle Trust)

If you read these cases you'll see that for years Washington law was somewhat of a mess when it came to dealing with the nature of the interest of a vendor and vendee in a real estate contract. Rather than ever adopt the doctrine of "equitable conversion" (converting the interest of the vendee to an interest in real estate), the court stumbled its way through to reach much the same result.

I suspect you could easily grant a bank a HELOC mortgage (or deed of trust) against a vendee's interest in a real estate contract. The question though is whether or not the bank would be willing to do that. Real estate contracts are somewhat more common in eastern Washington, so it's possible that this is common.

You probably should just contact one or more lenders to find out what they are willing to do. If you haven't purchased this property as of yet, you probably should also consult a real estate attorney, if for no other reason to make sure you purchase it with the proper documentation.
0 votes Thank Flag Link Mon Dec 30, 2013
Thank you.

Yet there is a stigma. I am dealing with contrary eschew static from Law,Realty,Lending,Audit Labor`s that is acutely physics per source malversation nix and the liability is debt ceiling sensitive`venue spending at no Liability. What do i do as in optioning my Equity amid the noted form of Graphical Human Services\Human Services Graphical?
Flag Mon Dec 30, 2013
Thank you.

Yet there is a stigma. I am dealing with contrary eschew static from Law,Realty,Lending,Audit Labor`s that is acutely physics per source malversation nix and the liability is debt ceiling sensitive`venue spending at no Liability. What do as in Optioning my Equity amid the noted form of Graphical Human Services/Human Services Graphical?
Flag Mon Dec 30, 2013
We are all real estate agents here & do not have a clue what on earth you are talking about!!
0 votes Thank Flag Link Sun Dec 29, 2013
Line of Credit`s are Lending Instrument`s if i were to request a Home on a Hire Purchases basis amid the agreement between myself and the Real Estate Broker/Agent of said property transfer is the use of address available for my adequate credit and equity to use as address information for a Home Equity Line of Credit? [It does not state you have to note a certain amount of years living amid a said address amid the application terms of the HELOC the HELOC applications only mandate is the address information. As stated amid my question in turn of noted request if i have notified a Hire Purchase on a Property the availability of using the address of note for a HELOC process is or is not documented as accessible.]
Conclusion: I have notified the agent of my Hire Purchase on the contrary i am immediately seeking a HELOC via myself`s adequate credit and equity myself using the address of note for the HELOC during the post note on the Hire Purchase will or will not hold up the Agent\Broker?
Flag Sun Dec 29, 2013
Conner,
Home Equity Loans are for home owners with adequate credit and equity.
0 votes Thank Flag Link Sun Dec 29, 2013
Sweep, Sweep, and Sweep. What stops the qualified consumer?
Flag Sun Dec 29, 2013
No idea what a "home on a hire purchase basis" is? Maybe something specific to WA?
0 votes Thank Flag Link Sun Dec 29, 2013
something specific to WA. is like a co`smile and a toxic. I do not like those.
Hire Purchase can be researched amid Wikipedia.
Flag Sun Dec 29, 2013
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