[WSBARP] Purchase Financing Question with regard to lease back

[Marc Holmes]

Tell your client to run it by his loan officer before he’s under contract.
Many lenders will allow up to 60 days delayed possession.  He should also
discuss with his insurance agent to make sure he’s got appropriate
coverage.

 

If 90 days it too much for the lender you can always push the closing date
back 30 more days and go with a 60 day rent back.  You client might not be
able to lock his loan as early as he’d like but interest rates will
hopefuly be fairly stable for the next couple months making it an
acceptable risk.

 

 

 

Marc Holmes

Holmes Law Group PLLC

808 5th Ave N

Seattle WA 98109

 <mailto:marc at holmeslawgroup.com> marc at holmeslawgroup.com

Ofc: 206-357-4224

Cell: 206-849-0853

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Marcus Fry
Sent: Tuesday, May 27, 2014 3:27 PM
To: 'wsbarp at lists.wsbarppt.com'
Subject: [WSBARP] Purchase Financing Question with regard to lease back

 

Client is going to buy residential real property, and is getting bank
financing for the purchase.  It is agreed that after closing, seller
(older fella) will get 3 months to move out.  As a consequence, buyer is
going to enter into a lease and lease it back to seller for 3 months.
Will this impact financing?  For example, will client have to carry
different insurance other than homeowner’s because client not living in
the house?  If that’s the case, won’t that impact bank financing as bank
won’t lend without a homeowner’s policy?  

 

Anyone have any experience with this type of situation and how it may play
out in the banking world?

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

 

NOTICES:

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of Adoption Attorneys, an invitation based organization of 300+ attorneys
nationwide, under its criteria of experience, ethics and peer
recommendation. Washington's Supreme Court has not yet developed or
recognized a credentialing process for specialties, and
certification/fellowship is not required to practice law in this state.

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Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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