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Buying or Selling a Home/offer for reo property
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Question
hi, my wife & I would like to make an offer on a reo as soon as the right property comes on the market. an all cash offer submitted by a local mls realtor with proof of funds in our liquid savings acct. my question: who do we show as purchaser on offer contract, since we want our son to be the owner(1st time buyer tax credit). his mother & I (& all the funds) are located about 1500 miles away from our son. he is in a very hot foreclosure market. banks want cash only & may only accept 5 offers on 1st day. many reo's state "no assignment allowed", so I quess that would rule out mother & father as purchaser & assign to son at closing? thanking you in advance,sincerely
Hi Bob,
You would just need to make the offer in your son's name, so he is the person contracted to purchase the home. Since you are paying cash for the home, it won't matter that it's technically your money and not his as long as his name is on the contract. Good luck finding a place.
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,Realtor®
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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