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SD Realtor
ParticipantIn my personal case I am very risk averse and would never add anyone else to title or loan on my own house. If you reread what I wrote, I said it was an “option”, nothing more and nothing less. In general adding other people to title exposes them to all the risk that you have as a homeowner whether there will be problems with short sales like you mentioned, or even worse, litigation involving the home, accident, catastrophe, etc…Similarly the problems of the gifter also become your problem, so if your mother in law loses her ass in vegas and loses the home, you are screwed!
However it is an “option” and that is what I presented. I have seen cases where parents did go on title with the kids. It was their choice, not one I would have made but they did it.
ParticipantIn my personal case I am very risk averse and would never add anyone else to title or loan on my own house. If you reread what I wrote, I said it was an “option”, nothing more and nothing less. In general adding other people to title exposes them to all the risk that you have as a homeowner whether there will be problems with short sales like you mentioned, or even worse, litigation involving the home, accident, catastrophe, etc…Similarly the problems of the gifter also become your problem, so if your mother in law loses her ass in vegas and loses the home, you are screwed!
However it is an “option” and that is what I presented. I have seen cases where parents did go on title with the kids. It was their choice, not one I would have made but they did it.
ParticipantIn my personal case I am very risk averse and would never add anyone else to title or loan on my own house. If you reread what I wrote, I said it was an “option”, nothing more and nothing less. In general adding other people to title exposes them to all the risk that you have as a homeowner whether there will be problems with short sales like you mentioned, or even worse, litigation involving the home, accident, catastrophe, etc…Similarly the problems of the gifter also become your problem, so if your mother in law loses her ass in vegas and loses the home, you are screwed!
However it is an “option” and that is what I presented. I have seen cases where parents did go on title with the kids. It was their choice, not one I would have made but they did it.
ParticipantHi Andy,
I have to run out right now but I will take a quick look at comps when I have a chance later on. Not thrilled about 300 ppsf but smaller homes always have the highest ppsf. I do like this area a bit better then ne pq.
ParticipantHi Andy,
I have to run out right now but I will take a quick look at comps when I have a chance later on. Not thrilled about 300 ppsf but smaller homes always have the highest ppsf. I do like this area a bit better then ne pq.
ParticipantHi Andy,
I have to run out right now but I will take a quick look at comps when I have a chance later on. Not thrilled about 300 ppsf but smaller homes always have the highest ppsf. I do like this area a bit better then ne pq.
ParticipantHi Andy,
I have to run out right now but I will take a quick look at comps when I have a chance later on. Not thrilled about 300 ppsf but smaller homes always have the highest ppsf. I do like this area a bit better then ne pq.
ParticipantHi Andy,
I have to run out right now but I will take a quick look at comps when I have a chance later on. Not thrilled about 300 ppsf but smaller homes always have the highest ppsf. I do like this area a bit better then ne pq.
ParticipantI would call it middle of the road Poway. You could do worse and you could do better.
ParticipantI would call it middle of the road Poway. You could do worse and you could do better.
ParticipantI would call it middle of the road Poway. You could do worse and you could do better.
ParticipantI would call it middle of the road Poway. You could do worse and you could do better.
ParticipantI would call it middle of the road Poway. You could do worse and you could do better.
ParticipantFLU I don’t think they care where the money comes from. I have no idea what the underwriting groups use as guidelines to govern the decisions they make, and thus care as to where the money came from. If the money is gifted it usually is no problem at all. A simple gift letter generally suffices and no seasoning is needed at all. However if there are larger sums involved and for some reason the money was not gifted, coming up with it at close of escrow out of the blue is problematic. Usually a 30-60 day seasoning is sufficient but again, different lenders, different guidelines and no gaurantee that 6 months from now those will be static.
I always try to err on the side of caution. To think that todays guidelines will be used by tomorrows underwriter is foolish. Another think that Sheldon (aka HLS) ALWAYS says is that guidelines are quite fluid and seem to change for more rigorous standards. So I would be remiss to imply to anyone that it is no problem to simply come up with the money at closing. Every lender has different criteria. Make no mistake, if your funds are dispersed in stocks, bonds, and various other assets, as long as you disclose them in the loan application, then when closing time comes and you have to liquidate the assets, then move the money to the account you end up wiring from, that is not a problem. You used assets you had already disclosed and the underwriter could account for them.
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