[WSBARP] Purchase Financing Question with regard to lease back

Roger Hawkes Roger at law-hawks.com
Tue May 27 15:49:23 PDT 2014


Refi a year from now might be a lot pricier.

 

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Roger Hawkes, Attorney, WSBA # 5173 

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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 

 

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certification/fellowship is not required to practice law in this state.

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