Quote:
Originally posted by GDSOB
B needs to have some ownership interest in the house in order to get a mortgage on it. So A must have already deeded the home over to B with an agreement to transfer it back after the two years.
This is a big gamble with their equity. They should just price it to sell quick and cash out.
|
Again, I agree entirely and it is a BAD deal for person A. I assume the only reason they don't just sellto cash out equity would be either stupidity, ignorance, or an extreme emotional attachment to a property.
And yes Person B takes legal ownership with an agreement to return ownership upon successful completion.