Posted by B.L.Renfrow on July 09, 2003 at 02:11:14:
…is what the buyer would need to show to his prospective lender to show a sale has taken place.
Some investors will provide a bogus land contract, since that’s what some lenders like to see. But if there isn’t really a land contract, that’s fraudulent and is NOT recommended.
If you purchase a home subject to and the seller needs some proof that his debt ratio is even with the transacation, what sort of paperwork/contract needs to be provided to him in order to qualify for another loan?