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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 11783
Experience:  JD, MBA
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I'm making an offer on a house that an investor is going to

Customer Question

I'm making an offer on a house that an investor is going to buy cash for me and then sell it back to me at a higher amount However he wants me to use a different name to put the offer in before he sells it back to my personal name how will that affect the people who use their name?
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 3 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I'll be glad to help if I can. However, I am unclear about your question. Can you provide a little background information and perhaps clarify the question? Thank you.

Customer: replied 3 months ago.
We are making an offer on a house with an investor who is using his cash. Then he is selling it to us for about 10k more of course as his incentive because we have bad credit.
The question is do I have to make the offer and someone else's name? other than my own (His request) in order for him to sell the house to me and put it in my name? If so how will that affect the person's name (let's say my parents)? Will they have to pay taxes or be affected in anyway even though it's just for a few days until it's sold back to me and put in my name?
Expert:  TJ, Esq. replied 3 months ago.

Hi again. Thanks for getting back to me.

Q: The question is do I have to make the offer and someone else's name? other than my own (His request) in order for him to sell the house to me and put it in my name?

A: There is no law that would require you to make an offer in someone else's name.

Q: If so how will that affect the person's name (let's say my parents)? Will they have to pay taxes or be affected in anyway even though it's just for a few days until it's sold back to me and put in my name?

A: It depends on how the deal is made. If they actually take title in their name for a few days, then yes they will owe taxes. But if the offer is in their name, and you merely substitute in as the purchaser, then that would not create a tax liability for your parents. Of course, you'd better make sure that the contract allows a substitution.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

Expert:  TJ, Esq. replied 3 months ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!

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