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Real estate bros: Need help.
| Deranged filthy house | 03/19/18 |
| marvelous yellow hall | 03/19/18 |
| Appetizing Locale | 03/19/18 |
| Deranged filthy house | 03/19/18 |
| Appetizing Locale | 03/19/18 |
| Contagious foreskin pit | 03/19/18 |
| Deranged filthy house | 03/19/18 |
| House-broken Parlour | 03/19/18 |
Poast new message in this thread
Date: March 19th, 2018 10:35 PM Author: Deranged filthy house Company A employs Employee.
Employee is valued, had a checkered past, but is now reformed.
Owner of Company A also owns Company B, which owns a house, and that's it. No other assets or business done by Company B ever.
Company B would like to sell house to Employee at FMV, 0% down, and carry the note (fixed 5%). No strings attached to employment with Company A.
Company B is willing to help Employee, but is absolutely not willing to incur a bunch of attorneys fees on the deal.
If RESPA/TILA/CFPB/whatever causes a bunch of extra work, too bad for Employee. No deal.
Question: Is there a cheap way for Company B to get the deal done? |
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Date: March 19th, 2018 10:42 PM Author: marvelous yellow hall Sell it on land contract. Title stays in the name of Company B, employee makes payments until it's paid off. If employee defaults, Company B does a land contract forfeiture action, which in my state is like an eviction. (http://www.autoadmit.com/thread.php?thread_id=3923323&forum_id=2#35642139) |
Date: March 19th, 2018 10:39 PM Author: Appetizing Locale Zyklon B. (http://www.autoadmit.com/thread.php?thread_id=3923323&forum_id=2#35642110) |
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Date: March 19th, 2018 10:40 PM Author: Deranged filthy house For all involved? (http://www.autoadmit.com/thread.php?thread_id=3923323&forum_id=2#35642116) |
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Date: March 19th, 2018 10:54 PM Author: Appetizing Locale y (http://www.autoadmit.com/thread.php?thread_id=3923323&forum_id=2#35642244) |
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Date: March 19th, 2018 10:41 PM Author: Contagious foreskin pit Go see a lawyer in real life. Most of what's in Reg X and Reg Z is for lenders in the business of making mortgages and doesn't really apply to entities that generate one note.
The major consideration is how this might fuck him up for additional mortgages should he need an additional loan to buy the property. Another lender may view your loan as non arms length under RESPA and so ding him on his loan app. Anything unusual like an employer loan may auto ding him at some places because they just don't want the headache. But if he doesn't need any additional financing -- people execute promissory notes all the live long day. |
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Date: March 19th, 2018 10:53 PM Author: Deranged filthy house "Go see a lawyer in real life."
It's either me (and do it cheap and easy) or fuck the employee. |
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Date: March 19th, 2018 10:56 PM Author: House-broken Parlour Depending on the state this shouldn’t be a huge issue as long as company B is not in the business of lending and makes less than X loans a year. Even if those things aren’t true in some states there are work arounds for regulatory compliance.
Disclaimer: seek advice of counsel. |