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quyip, Home Buyer in Riverside, CA

My friend want me to help him buy a house here, What kinds of legal provisions I need to pay attention to?

Asked by quyip, Riverside, CA Fri Dec 28, 2012

I am an international student, and my friend in china want me to help him buy a house here. What kinds of legal provisions I need to pay attention to. Since I don`t have SSN yet, but soon I will have one.

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Answers

8
They are correct, it is not advisable to insert yourself into the situation if you do not know what you are doing.

I know an agent with a lot of experience helping Chinese buyers, his name is Grant Loel his phone number is 949-354-4464
0 votes Thank Flag Link Tue Aug 20, 2013
At times we all may want to help out our friends or family, BUT if they need a co signer on such a major purchase that may be a clear sign that they are not ready for such a major purchase. Having your name tied to that mortgage could take years to get separated. I would strongly encourage the relative or friend to find a less expensive home or to wait until they can qualify on their own. You never know what the future holds for you and you need to keep your credit options available for you and your family.
0 votes Thank Flag Link Wed Jul 3, 2013
I agree with John, there's too many details that need to be addressed to cover them all on this type of question and answer forum.

Your BEST option, if you're serious about helping your friend purchase a home is to get with a Realtor who knows the area and can help you through the process. That's the FIRST and foremost step in purchasing a home. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor. If you're using cash, great. But if you're using a loan, then your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important. Please let me know if I can help or if you have any more questions.

Good luck!

Ray Wright
Keller Williams Realty
951-354-1303
RayWright@kw.com
0 votes Thank Flag Link Sat Dec 29, 2012
The information that you will need is much more detailed that you will be able to receive on this forum. You should contact an experienced Realtor in the area in which you wish to make the purchase. Meet with the Realtor and get all of your questions answered. I am sure the Realtor will have questions for you, and your friend, also.
0 votes Thank Flag Link Fri Dec 28, 2012
Hi, if you are paying cash , you do not need to be a citizen to purchase a home here in Riverside Quyip.
You may face difficulty when you try to sell the home however.

I am available over the holidays to assist with your purchase..feel free to contact me.


Sincerely,


Jory Blake
951.742.3751
jory@joryblake.com
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Fri Dec 28, 2012
Realtors do not give Legal or Tax advice. I would be more than happy to answer any specific real estate questions after your friend has determined if they can actually purchase a property outside China more specifically here in the US. Good luck!
0 votes Thank Flag Link Fri Dec 28, 2012
My suggestion is don't do it. There is a reason why he can't buy one and he needs to fix it himself. As a realtor I find myself helping people trying to get out of situations like these.
0 votes Thank Flag Link Fri Dec 28, 2012
Why? He want to buy a house and rent to student, and I can live in for free. What potential problems it will have?
Flag Fri Dec 28, 2012
Your best course of action would be to contact an attorney for definitive advice. Real estate agents really shouldn't be giving out legal advice - even though some "may" know the answer...
0 votes Thank Flag Link Fri Dec 28, 2012
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