Help - The 1099-A Process

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Home buying process

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Dionne Williams

How can I use the 1099A form to purchase a home on my own and can you refer me to a service that can help with that . I am out of California.


thanks  

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Maia Harris
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@kira, I have a love one as my trustee.

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Dionne Williams
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ok I have a real estate guy that wants to work with me can someone tell me what paperwork he needs to fill out. He wants to learn how this process works ?

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Administrator
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Feel free to have him or you request a private consultation here for guidance. https://legalibus.com/contactus

Hi Dionne, if you don’t mind me asking what city/state are you in. I am interested in using your real estate guy. Also what mortgage company did you use. Any success yet.

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Administrator
Best Answer

You would need a trustee to process the transaction. 

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Dionne Williams
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ok I have a real estate guy that wants to work with me can someone tell me what paperwork he needs to fill out. He wants to learn how this process works ?

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Maia Harris
Best Answer

I've tried this process 2 weeks ago with my trustee present and the realtor company understanding the process to an extent. It came down to the mortgage company wanting to see proof of funds from the trust. ( of course that can't be produced). Houses are selling fast so they dont want to hold a house for long. Also they wanted "earnest money" put down to take it off the market. ( bad idea because if you put a certain amount down and the time frame for the treasury to  release the funds are greater,  you can loose the money you put down. Its a true gamble. Definely since other Trustees doing this process even with  the form 8888 aren't seeing results until about 4 months. 



I'm letting my Trustee proces the paperwork still and by the fall hopefully sooner, Ill be buying a house on the spot. (No need for earnest money, because my Trustee will have the cashier's check in hand) It will be a different address but my Trustee will file a 1099-A correction with the correct house address. 

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Kira
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Hi Maia,

How did you find your trustee? Is it a loved one/relative, or someone you found and hired?

TYIA

Yeah, if you find a home with same description and price, good to go.

Example: real property 3bd 3 bths 1.4 million etc.... description on the 1099a

Hi Maia,
Can you clarify if you don’t mind how did you find a realtor/mortgage that was willing to accept the 1099a, and what city/state do you live in.