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  #1  
Old 10-11-2009, 08:19 PM
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home sold to company

What is the name of your state (only U.S. law)? Virginia
As the housing market still crawling its way. I know of a person who attempted to sell his home thru traditional method with no avail. Back in 2003, this person bought a home for 425K; five years later 2008 he tried to sell in the 600K ; as stated no success; this person owns a business thru a limited partnership with another person for about the same amount of time he owned the house; business has been good for them regardless what the economy is doing; this person actually bought another while his house was on the market; this new home 1.5 million, as stated business is good; now this guy has two mortgage; what he did next is whats in question;this year 2009, he sold the 1st house that he paid 425k for 850K to his company; doubled his money in a troubling housing market; Is this legal to unload his own home to the company he owns and work it to his advantage? This sound to good to be legal. Thank you in advance.
Last edited by tbet; 10-11-2009 at 08:23 PM.
  #2  
Old 10-11-2009, 09:32 PM
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What is your involvement?
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  #3  
Old 10-12-2009, 12:10 PM
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I'm not involved with the real estate transaction nor with his company. Thank you for your reply.
  #4  
Old 10-12-2009, 12:21 PM
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Quote:
Originally Posted by tbet View Post
Is this legal to unload his own home to the company he owns and work it to his advantage?
Legal, but has a LOT of potential legal repercussions. What are they?? Sorry, we won't help YOU to avoid your creditors, nor do we 'do homework'. Talk with a local attorney.
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  #5  
Old 10-13-2009, 10:18 PM
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Yes no homework.
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