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#11 | ||
Forum Coach
![]() Join Date: Feb 2008
Location: GA
Moto: 2006 GSXR 600
Posts: 7,419
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TRUTH!!
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Quote:
I used to do real estate closings, and if a person is on the loan or responsible in any way and the other party defaults, it will all fall on the original person. Unless you are married to or somehow related to a person that would justify this trust (parent/child, etc) I would never suggest co-signing. By doing so, you are giving someone the option to just walk away from it if they decided they didnt want to deal. If you have a set in stone, legal binding contract for a rent or lease to purchase agreement, this might work, as it operates mostly like a rental. Your mortgage gets paid, and they have the option to buy or lose their already paid "down payment", in which case you still got the mortgage paid and can find another buyer if needed. |
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#12 | |
Followed the crowd over.
Join Date: Nov 2008
Location: Hawaii
Moto: '07 Yahama R6
Posts: 911
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How is the paperwork done? With an lawyer or real estate agent? or both? To answer everyone's common Q. The seller does not need to sell, she is trying to help her friend who does not have money saved for a down-payment. The owner doesn't need both homes and is not out to make money on the sale. |
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