Question Details

Grace, Home Buyer in Fountain Valley, CA

I NEED HELP! I need more opinions for this kind of situation. is the realtor correct or wrong? I need truth.

Asked by Grace, Fountain Valley, CA Tue Feb 3, 2009

for example, let say two people are in the title, but both have been living in the house with the same address and the person who is in the title wants to get him or herself out of the title and wants to buy the same house. Can a person do this action, is there any possibility that the bank rejects this person from buying it because this person has been living in the same house and the bank may think there is something fishy going on? What are the chances of buying the same house. Can someone give me advice? I heard from a real state that if the person is in the title with the owner of the house (person who bought the house) and decides to get him or herself out of the title and now wants to buy it. The realtor said the person could not do that because the bank will know that the person has been living in the same house and if the person decides to buy the house there might exist problems when it comes to closing escrow because the bank will investigate this person has been livingther

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Answers

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Every state has different laws governing how title can be held and transferred. I would suggest that you call a title agency because they usually have an attorney on hand that has the knowledge of the laws associated with there location. If you have a Realtor or have used one they can usually call the Title Company and get information like that without charge. I am a licensed agent in Oh and I would check that venue first. Good Luck.
0 votes Thank Flag Link Tue Feb 3, 2009
I'm not a lawyer or a bank but I know people do it all the time - i.e., divorces. If both parties are willing and the party buying the property can get qualified for the loan, why would the bank even care? I don't understand the answer you got. Then again, I'm a licensed agent in NY, not California. Good luck!
0 votes Thank Flag Link Tue Feb 3, 2009
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