Mom (and Bubble donor) with a Real Estate question...

[findalittlehome]

Daughter is looking for a first home to purchase. Her job, related to law enforcement, comes with a certain level of personal security issues. She's young and lives alone. Is there a way for her to purchase, in Washington state, without her name being publicized in county records as the homeowner? Some sort of Trust or LLC? She will be getting a conventional loan to make the purchase. Will there be roadblocks with lenders?

What do you suggest?

Thank you.

[CraigBlackmon]

Yes, property can be held in a trust or LLC that would protect your daughter's privacy; and yes, the real issue here is a practical one, finding a lender to loan money against a property to be owned in a trust or by an LLC. I encourage you to raise this concern with your potential lender(s) to get their input as to how to move forward. However, I encourage you to then hire an attorney to make sure the resolution is appropirate and done correctly. "Lenders" -- i.e. loan originators who are the point of contact with the borrower -- have been known to keep everything simple, even though in doing so the borrower actually incurs potential liability and that is obviously not the best outcome. I think the cost of hiring a lawyer -- relatively minimal for this simple task -- is merited by the potential for financial problems down the road if this is done incorrectly.

[Robroy]

[findalittlehome]

Thank you Craig and Rob...

After discussing this with lenders it seems like we are getting nowhere.

As far as renting, she'd be paying about the same or more in some cases than if she bought. I haven't seen rent prices go down in her neighborhood during the past few years. Places around her area up the rent often, until people move, then rent to someone else and start all over again.

She is determined to buy into a specific neighorhood. She already has enough savings to get into a conventional loan. Of course nothing is For Sale now. The neighborhood was sold mostly during the peak. I imagine we won't see any re-sales there until hell freezes over, death, divorce or job loss..which ever comes first.

[Robroy]