House purchase from friend and sell back

[user789]

Take Risk or  Stay Away and be Happy...

Risk is any given day unpredictable...it will be good or bad...

 

[Everydayrunner]

1 hour ago, user789 said:

Take Risk or  Stay Away and be Happy...

Risk is any given day unpredictable...it will be good or bad...

 

Just want to be educated..

 

Can I retain the credit score after I sell back home to him ?

[Rajugadu]

2 hours ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

Money levu ani cheppu ba simple

[Rajugadu]

2 hours ago, Everydayrunner said:

I am not paying a penny from my pocket.. all taken care by him.. everything..I won't even see his home..

Lol, loan ela approve avtundi nee info lekunda? 

[Rajugadu]

2 hours ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

Landasura thread ahh malli? Nee peru pina illu dla teeskuntadu nv nee credit score ivvakunda papers sign cheyakunda..

[Rajugadu]

Oka post veste namme la anna post cheyandi ra babu

[pandemkodi]

16 minutes ago, Rajugadu said:

Lol, loan ela approve avtundi nee info lekunda? 

He will give it as gift 

[pandemkodi]

Up side you can save some money in tax 

down side you miss the advantages of first time buyer if there are any 

also if he don’t pays emi then you will be responsible for it 

[user789]

1 hour ago, Everydayrunner said:

Just want to be educated..

 

Can I retain the credit score after I sell back home to him ?

Go to school 

[Everydayrunner]

1 hour ago, Rajugadu said:

Landasura thread ahh malli? Nee peru pina illu dla teeskuntadu nv nee credit score ivvakunda papers sign cheyakunda..

With my credit score only.. it will be me officially buying..but he will be sponsor and paying emi through me..loan transfer..after 6 months it will be transfered back to him..

[Everydayrunner]

1 hour ago, Rajugadu said:

Money levu ani cheppu ba simple

No I am not soenidjg any money..just my credit history ssn..I will be buying from.him

[r2d2]

@Everydayrunner If things go wrong you will get stuck with the house and after that you will be ‘running every day’... pun intended..👎🏿👎🏿👎🏿

[areythammudu]

5 hours ago, Everydayrunner said:

I am not paying a penny from my pocket.. all taken care by him.. everything..I won't even see his home..

Go ahead 

[TelanganaDora]

He will be using your credit history.. 

you will be jacked if market crashes..

I see atleast 10 issues with this that you can even state them here..

speak to a Lawyer to cover your butt

my recommendation is don’t do it

[AndhraneedSCS]

My opinion:

If you want to help your friend, go for it. 

 

If you want to buy a home in near future, may be difficult to get a loan on second house so may be a risky bet in that scenario.

 

House will be on your name, so there is no risk for you. Your friend will even pay down payment, I dont think there is any risk. if the home price goes down and your friend want to go for foreclosure, there will be a bit of risk but practically, going under water after paying even 5% down payment is far far away based on current economy and if a recession was to hit in a 5 years or so from now, your friend may have cleared another 5% or so by then and so chances of going underwater seem to be less. 

 

Why would your friend lose his equity just to ruin your credit history when he has skin in the game?

 

Putting it simply:

 

You are buying a home for yourself with your friends down payment. He is going to stay in your house until he closes the deal and change it to his name. Its not as risky as it looks. In a way, your friend is taking the risk by trusting you