Buying or Selling a Home/Question about lenders?

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Question
Good morning, Mr. Dennis. I live in Texas and am interested in purchasing a home for my granddaughters. I found several mortgage lenders to which I can apply, but before I go forward, I was wondering if they would be willing to provide assistance for someone who wants to put the home in their names. Is this possible? Thank you.

Answer
You don't say what age your granddaughters are, Miss SW. Let's assume they are at least 25, in which case you should have no trouble having them owning property, providing their credit is acceptable to the lenders. You could purchase the property in your name and then convey it to your daughters. However, lenders may not permit this.

But you could create a family trust with you as the trustee. You would then be the borrower with your granddaughters as the successor trustees on the family trust. My recommendation is to consult with an attorney who specializes in family trusts in Texas. But be aware that most lenders would not look happily on the transaction. So consulting with that attorney is very important. He/she will guide you in putting the purchased house in their names without making a lender mad.

I wish yo well.
Richard C Dennis
dixiedee13@gmail.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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