Asked by Khazimotu, Chicago, IL • Sat Jul 27, 2013
Person A is trying to buy a condo in Illinois. Person A has put an offer in and property is under contract. For various reasons Person A will not qualify for a loan immediately (within the 30 day period). Person A will qualify for the loan within 3 months. Person A has good income history, excellent credit, no other debt. Everything is good enough to easily qualify for a mortgage of the amount $200k.
Mother in law purchase property with cash.
Then sells to Person A after 2-4 months once Person A will qualify for loan
Person A finances the property as if it were like any other sale, putting 20% down etc.
- Is there a 'vesting period' during which the property cannot be resold?
- Is there restriction on selling property from Mother-in-law to Person A?
- If Mother in law sells to Person A are there any penalties or fees to be added to the mortgage?
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