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Who was the owner in this case?

I found a property I want to buy and all seems good. The lenders surveyor went to the property and came back and said the won't lend as the owners has owned it only for 2 to 3 months. When I talked with the owner he mentioned that he was renting it out and this had me confused since my mortgage advisor told me to find another property. I now discovered that the Property was sub leased over the last 10 years and an in-house broker can get the loan sorted out. If the sublease tenant is renting the property to someone else shouldn't the owner be on the registry as owner? Who owns the property then? by umarali564 from Arlington, Arizona. Jan 5th 2023 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

I'm not sure I follow along here, but there are mortgage rules having to do with chain of custody, and how long someone has owned the property before a new lender will lend on it (flip properties). Sounds like the legal ownership maybe a mess, but also a lease is not ownership... SO?? Ultimately, a title search will need to be done to see who shows as the owner. If you really love the property, hopefully it can get figured out. Good Luck. I lend for homes in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132

Jan 9th 2023
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