I tried to search this in the forums but could not locate a good match so I though I would ask the experts. Your help is appreciated!
Two brothers own a dwelling free and clear, no mortgages or liens. Brother A makes application for an all cash out refi to buyout the 1/2 ownership of brother B.
Is this a purhcase (remember A already owns an interest) or a non reportable loan since it is all cash and does not satisfy a prior mortgage or lien?
Thanks in advance!
Old School Banker