Simulacre Lr…, Both Buyer and Seller in Minneapolis, MN

I made an offer to a property under my own name (owner occ.) and soon after I made another offer under my LLC (investment) . Did I violate the law?

Asked by Simulacre Lren, Minneapolis, MN Sat Apr 6, 2013

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6
No? Why would that have been a violation of the law? You can buy a house, a corporation can buy a house. Call me and I will help you find a good deal and keep you out of trouble. 612-423-0202
0 votes Thank Flag Link Wed Nov 27, 2013
Arne.....I would use some wisdom on this stuff. We are not attorneys, my friend. I am just trying to get your back on this one. I don't do ANYTHING without checking with our corporate counsel on these little questions. It is too easy to get into a legal tussle and trust me, I am very, VERY glad that we have 5 corporate lawyers at my company that I can call literally any time I need them for legal advice. I love that. But even with all my years of experience, and often going off what I think I know.....I do not answer questions like this so easily. I would hate to see you get into trouble. Now, if you just consulted one of your corporate lawyers and have a factual answer, then forgive me for assuming that you were just trying to be a good salesman. Just be careful, my friend. That's all. You're not talking on here to a buddy on the phone. You are posting ANSWERS....supposed TRUTH....out to the public for their viewing. they may read this and act on it!!!
Flag Wed Nov 27, 2013
Thanks all, I have withdrawn my personal offer.
0 votes Thank Flag Link Sun Apr 7, 2013
Like everyone below, this is a legal question. In my REALTOR opinion, If you signed something that
said you had to live there as an owner occupant and you don't, you've breached the contract. They (the Banks and such) have teams following up on this after closing.
Good Luck!
Colin
0 votes Thank Flag Link Sun Apr 7, 2013
There's too many "unknowns" to answer your question. If you were open, honest, and forthright, probably not. If your intention was to deceive someone, then I'd say "maybe". By virtue of the fact that you are even asking this question, it appears that you aren't sure. Well, if you aren't sure, neither am I. I'd certainly contact an attorney and ask if you should withdraw an offer. You can withdraw an offer that has not been accepted....so if you are in the legal "gray area", I think I'd discuss that option with an attorney.
0 votes Thank Flag Link Sat Apr 6, 2013
Was it one of those situations where the REO was only owner-occ for so long like what HUD does many times? I don't see the problem, and I represent investors that do this sometimes because they don't mind living in the property if the deal is good enough.

But like Mark said we are not attorneys and can not give legal advice. If you are an investor that wants to do this seriously you should have a legal guy you can go to at times. try getting a referral from our local investor club. It will help you in the future.
0 votes Thank Flag Link Sat Apr 6, 2013
You need to know that we are all real estate professionals and not attorneys. There is not one agent that will be willing to give you a solid answer on this because we are not lawyers. My personal opinion would be that you need to speak with a real estate attorney immediately.
0 votes Thank Flag Link Sat Apr 6, 2013
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