My sister recently became ill and unable to make her mortgage payments. I tried to buy it from her as investment property and all was going well until the underwriter found out that we was relatives, they told me that they couldn't give me the loan, because in Texas there is a law against a brother or sister selling real estate to each other. If this is true please refer me to the source of this law, or tell me about it.
2006-12-17 05:39:29 · 15 answers · asked by sanfoj@sbcglobal.net 2 in Business & Finance ➔ Renting & Real Estate
No such law! Find a new lender -- that underwriter is an idiot! If the underwriter claims that that is the law, they MUST provide proof of that fact. Sales between relatives may warrant a closer evaluation of the value of the home but homes are sold to relatives all the time.
I could see the underwriter raising a B/S flag if the appraisal was done by a family member but that's about the only thing that would impede the sale.
Get an attorney to handle the closing for you. He or she will make sure that there's no funny business going on. The attorney's fee should be competitive with a title company's closing fee and you have a right to choose your own closing agent.
2006-12-17 05:46:03 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I've on no account heard of whatever like that being a criminal offense. When they're very younger, it should not be a trouble in any respect to percentage a room, actually, I'm definite many households are living like that. Now while they grow older, they surely want privateness, however thats now not for a number of years down the avenue. If its a question of area, you'll be able to consistently use a divider or a few partition dividing the room in part, in most cases leaving room for a dual mattress and now not a lot more, however nonetheless they might have a few privateness.
2016-09-03 15:26:44 · answer #2 · answered by peentu 4 · 0⤊ 0⤋
This is utter NONSENSE!!!
If I were to write about it, you couldn't tell my comments from the BOSTONIAN's comments. He is absolutely correct and his advice is sound.
Get that attorney as he suggests and you might want to cause the underwriter some grief as well. Stuff like this makes me wish I had pursued law as a career. If I had, I would take this case in a heart beat and it wouldn't cost you very much either.
Sorry if I sound furious but I AM.
2006-12-17 06:25:22 · answer #3 · answered by gimpalomg 7 · 1⤊ 0⤋
wow ive never heard of that,,,,, in any state, though i dont live in Texas,, what i would do, is look in the phone book, find an attorney that handles real estate or a basic attorney, then make a consultation appointment, these are usually free or minimal cost,,,,, also there should be a real estate board in your state,, you might try asking them, or finding the government office which would handle something like this, perhaps the deeds office,,,
2006-12-17 05:43:38 · answer #4 · answered by dlin333 7 · 1⤊ 0⤋
I've never heard of such a law. I would check with a local attorney and perhaps a local bank. Good luck.
I live in Texas and have never heard of such a thing.
2006-12-17 05:41:58 · answer #5 · answered by Anonymous · 2⤊ 0⤋
That can't be true. My neighbor who owned the house with both of her brothers bought the house from them & she had to get a loan.
2006-12-17 05:42:39 · answer #6 · answered by dog lover 2 · 2⤊ 0⤋
That isn't true. I live in Texas. When my parents got divorced my uncle bought the house. :)
2006-12-19 02:47:15 · answer #7 · answered by while_love_remains 2 · 0⤊ 0⤋
contact the state's Attorney General's office, they'll tell you what's up !!! (and turn the underwriter in).
2006-12-17 05:50:11 · answer #8 · answered by MIGHTY MINNIE 6 · 1⤊ 0⤋
Get another underwriter.
2006-12-17 05:41:20 · answer #9 · answered by boker_magnum 6 · 2⤊ 0⤋
I have NEVER heard anything so silly. Surely it's not true. Sounds bogus. I don't see how legally they can do that.
2006-12-17 05:41:13 · answer #10 · answered by Jaysangl 4 · 2⤊ 0⤋