How should I go about purchasing my gram’s house? Mortgage? Home Equity? FHA? It is in an estate of my dad.?
by Mortgage Rates on Saturday, November 6th, 2010 | 4 Comments
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There are a number of ways to do this, but it’s all about the level of trust between the parties.
First off, the purchaser needs to be someone that can get a loan. If that is you, fine, but if not, you need to figure out who can meet the lenders requirements. What mortgage products are available to you are predicated on the creditworthiness of the borrower. A mortgage broker may be of real assistance to you in figuring this out.
Closing costs vary with the mortgage product. You will need to figure out the nuances of closing costs as you decide your mortgage.
Finally there is the question of title. Assuming you purchase the house, the title is now in your name. It sounds like the house is already in a trust for the estate. Transferring the beneficiary name on the trust may be the easiest thing to do. And it doesn’t involve much money at all.
Nothing needs to change until you sell the house. If the trust owns the house, the trust gets the money. You need to look at the trust documents to understand what happens to the money in the trust.
Good Luck
Skip the fraud, you and dad would both end up in prison. You have to have the real sales price on the deed.
Your local bank is your best bet.
A home equity loan is a loan on a home you already own that’s worth more than you owe on it, so that’s not an option for you. And FHA loan is one form of mortgage. You’d likely need 20% plus closing costs to get a regular mortgage from your bank – do you have around $17,000 saved up?
Have your Dad and the siblings create an OWNER FINANCING NOTE on the property. You give them the good faith deposit of $5,000.00. After about 3-6 months depnding on the market equity on the house they can sell the note for CASH and divey up the proceeds at the note closing.
I can help you with selling the note.
Hi
Know anyone that has a Real Estate Note too sell or have one yourself?
Please go to the web site and fill out the online form.
The information is just about the note and no real personal information about you accept your name.
Just click on the left side where it say’s sell your note.
This information will get back to me and I can begin processing your note.
The sooner I get the information the sooner I can get back to you with an offer on your note.
There’s also more information (FAQ) about the process of selling your note on the website please feel free to read it.
I look forward to helping you sell your note and getting cash for you now.
Thank you,
Kevin Daubner
6128 Roberta Dr
Englewood FL 34224
(941)915-8891
(727)439-1892
http://www.cash4cashflows.com/kdaubner