Purchase Real Estate With His IRA or BUST!

A recent real estate purchase with an IRA secured by a non-recourse loan was finally completed by a determined client of Lending Resources.  The client, a ‘mild mannered insurance agent’, had originally located a bank owned property (in foreclosure) and made an offer subject to a physical inspection.  All the proper paper preparations for obtaining a non-recourse loan were done while awaiting the inspection results.  After more than a month of gyrations, the inspection indicated more repairs were needed to the subject property than were anticipated.  The client decided to reject the transaction and keep searching.

He found a newly renovated single family home in Vallejo, California.  It was clear this property would not need any further work and was ready to be rented, one of the key requirements by the lender.  For whatever reason, these transactions always seem to have their own twists and turns.  This one came down to the wire per the seller’s deadline.  It was another month of dealing with appraisal delays, the seller’s agent, the client’s agent, the title company and the lender.  A non-recourse loan for 50% of the purchase price for this IRA investment was completed by Lending Resources Group with the cooperation of many parties and no time to spare.  Special recognition should go to the Miller Real Estate Team and Fidelity National Title company who helped in every way they could to get all parties to work together for a satisfactory closing.  Thank you Gang!