Posted on: 27th Aug, 2009 11:33 am
My husband and I have been trying to buy a home for over a year now. His parents own a home that they are wanting to get rid of. The mortgage is paid in full. The appraised value of the home is around $350,000. We would like to purchase the home for around $250,000 and have his parents carry a second for the remaining appraised value.
What would be the best way to approach this situation? They are also under prop 13 privileges that we would like to keep.
Any advice would be great
Thanks
What would be the best way to approach this situation? They are also under prop 13 privileges that we would like to keep.
Any advice would be great
Thanks
Since the house is paid, One option would be to see if you have go with joint ownership with parents and get a equity loan.
Parents can take the equity loan for the $100K and you can pay the parents $250k directly. More like a seller finaced. This will nimize your cost in terms of closign cost
Parents can take the equity loan for the $100K and you can pay the parents $250k directly. More like a seller finaced. This will nimize your cost in terms of closign cost