Can Son Buy House from Father

G

GioMed

New member
Oct 6, 2011
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Tried applying for mortgage loan from BHD Leon, all paper work was in order.
Went to take in a appraisal ordered by the bank, which is like the last step when,
I was informed by the bank manager of the bad news..since the present owner
is my pop, I cannot buy the house from him :confused: which seemed like the craziest thing.
I had no other recourse than to just take my paper work that took months to put together
and say Adios. she said some legalities prevent a son from buying the fathers' house...at least
in terms of them loaning the money. So they don't lend son to buy from father.

Any advice?
Should I try a different bank? recommendation?
The appraisal is good for 3 months :p

Thanks
 
H

HUG

Silver
Feb 3, 2009
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Did you ask about those specific legalities? If you know e actly what the issue is then you will be in a better position to figure out your next move. Does your father have any standing with this bank that may cause them concern?
 
G

GioMed

New member
Oct 6, 2011
226
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No. father has no connection with bank.. no outstanding liens. I can't buy the house, she
said I am an heir so I can't buy (for all intents and purposes) my own house :confused:
 
D

dulce

Silver
Jan 1, 2002
2,524
211
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Wait for the DR1 lawyer to answer properly. Any other advice will be nosey questions or bad advice.
 
PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
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Santiago de Los 30 Caballeros
GioMed said:
Tried applying for mortgage loan from BHD Leon, all paper work was in order.
Went to take in a appraisal ordered by the bank, which is like the last step when,
I was informed by the bank manager of the bad news..since the present owner
is my pop, I cannot buy the house from him :confused: which seemed like the craziest thing.
I had no other recourse than to just take my paper work that took months to put together
and say Adios. she said some legalities prevent a son from buying the fathers' house...at least
in terms of them loaning the money. So they don't lend son to buy from father.

Any advice?
Should I try a different bank? recommendation?
The appraisal is good for 3 months :p

Thanks
Click to expand...

Codigo Civil de la Repblica Dominicana
 
P

POP Bad Boy

Bronze
Jun 27, 2004
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Even in the US, it is very hard to get a mortgage today from banks or mortgage companies if you are trying to buy a house from a relative. They just ASSUME that there is some "hanky panky" going on as far as the financing!
 
C

Criss Colon

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Jan 2, 2002
21,843
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yahoomail.com
"We are NOT Dominican lawyers, we just PLAY THEM ON DR1"!!!!!!!!!!!!!!!!!!!!!!!

CALL THE LAW OFFICE OF "GUZMAN & ARIZA", they really ARE DOMINICAN LAWYERS!!!!!!!!!!!!!!!!!!!!!!

CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 
C

Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
POP Bad Boy said:
Even in the US, it is very hard to get a mortgage today from banks or mortgage companies if you are trying to buy a house from a relative. They just ASSUME that there is some "hanky panky" going on as far as the financing!
Click to expand...

HOW DOES YOUR POST ANSWER THE "OP'S QUESTION?????????????????

Repeat after me, "This is DR1, not USA1"!!!!!!!!!!!!!!!

CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 
Z

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
of course you can if you keep the big mouth shut. Why on earth tell them. They are the bank, not your friend. Where on the forms does it ask if you are related to the homeowner? Go to another bank and start over with a lesson learned. You do not need to pay a lawyer to send letters telling the bank how to behave.
 
D

dulce

Silver
Jan 1, 2002
2,524
211
63
zoomzx11 said:
of course you can if you keep the big mouth shut. Why on earth tell them. They are the bank, not your friend. Where on the forms does it ask if you are related to the homeowner? Go to another bank and start over with a lesson learned. You do not need to pay a lawyer to send letters telling the bank how to behave.
Click to expand...

If the reason for not being able to buy a house from the father is because of the child inheritance laws this could mean trouble down the road. If there is more than one child.
 
C

Criss Colon

Platinum
Jan 2, 2002
21,843
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yahoomail.com
What you, "BELIEVE" doesn't matter!!!!!
DR1ers "OPINIONS" DON'T EITHER!!!!!!!!!!!!
YOU MUST ASK A DR LAWYER WITH REAL ESTATE EXPERIENCE!!!!

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PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
113
Santiago de Los 30 Caballeros
GioMed said:
Tried applying for mortgage loan from BHD Leon, all paper work was in order.
Went to take in a appraisal ordered by the bank, which is like the last step when,
I was informed by the bank manager of the bad news..since the present owner
is my pop, I cannot buy the house from him :confused: which seemed like the craziest thing.
I had no other recourse than to just take my paper work that took months to put together
and say Adios. she said some legalities prevent a son from buying the fathers' house...at least
in terms of them loaning the money. So they don't lend son to buy from father.

Any advice?
Should I try a different bank? recommendation?
The appraisal is good for 3 months :p

Thanks
Click to expand...

You'll have a very, very hard time in getting a DR bank to loan/finance you that purchase.

What you both can do is this (if you don't have a good connection to a banker in the DR that can turn a blind eye to the family issue):

Have your father transfer the property title to your name and in effect clearing the hurdle left on the wake of a possible claim/claims from living relatives/etc...

Since you were going to finance the house in the first place with the bank, use the down payment to pay off part of the value on the home to your father on the transfer and wait a few weeks or months to get a loan using the title as collateral on the balance owed to your old man.

That way the house and debt are under your name alone.

There's no law prohibiting a legal age adult from buying a property from their parents in the DR. However there is such in the civil code when minors are involved and living relatives. Even in absence of this, most banks will not finance such deal based on the complications of the matter that could arise later.

Most people that have done it, did so due to connections with the bankers in the first place.

Hard to get but not impossible.
 
G

GioMed

New member
Oct 6, 2011
226
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0
POP Bad Boy said:
Even in the US, it is very hard to get a mortgage today from banks or mortgage companies if you are trying to buy a house from a relative. They just ASSUME that there is some "hanky panky" going on as far as the financing!
Click to expand...

In effect that is really what I'm looking to do..some "hanky panky"...I want to sell the house to the bank at 55% of the appraised
value. How does one do that? Once you have determined that you are not going to live in that house, nor deal with the headaches
of renting, and you have come to realize that you are willing to take 55% of the appraised value, then try to get a mortgage loan for
55% and you are done. sold!
 
P

POP Bad Boy

Bronze
Jun 27, 2004
984
30
0
Criss Colon said:
HOW DOES YOUR POST ANSWER THE "OP'S QUESTION?????????????????

Repeat after me, "This is DR1, not USA1"!!!!!!!!!!!!!!!

CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Click to expand...

My point was that if it is hard there.............it would be almost IMPOSSIBLE here............
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
83
www.drlawyer.com
There are no legal restrictions on sales from a father to his child or on mortgages to finance such sale.

The bank is afraid that the other children might claim that the sale was actually a gift and not a sale. This is not a valid reason to deny a mortgage. In the worst case, the bank can take precautions to nullify the possibility of such claim.
 
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