Posted on: 02nd Oct, 2006 08:40 am
My family has home that we must sell, but it is not the right condition to sell. I want to gain this property from my father and do the upgrades and then use it as a rental. The home is close to going into default. In a nut shell, I'm the only one that can afford the home. It will cost me 15 to 20K to upgrade before renting, which means I need my father to give it directly to me and we will work out conditions later. I have to get a loan for the balance, which I hope will not be a problem. I do own a home in another state. What can I do?
Bengal
Bengal
Hi Guest,
Welcome to the forums.
Your father can sign a grant deed and transfer the ownership of the property to you. But the lender may require him to pay off the loan first and then transfer his rights on property. After you get the property rights, you can carry on with the repair work to make it suitable for renting.
However, if your father fails to pay off the loan, you can take a loan against your home in another state and then use it to repay the balance. You can repay this loan by using the rent payments that you will receive against your father's home.
However, not all lenders offer overseas mortgage and there are various terms and conditions applicable on such loans. So you need to check the criteria first and then go for such a home loan.
Thanks,
Caron.
Welcome to the forums.
Your father can sign a grant deed and transfer the ownership of the property to you. But the lender may require him to pay off the loan first and then transfer his rights on property. After you get the property rights, you can carry on with the repair work to make it suitable for renting.
However, if your father fails to pay off the loan, you can take a loan against your home in another state and then use it to repay the balance. You can repay this loan by using the rent payments that you will receive against your father's home.
However, not all lenders offer overseas mortgage and there are various terms and conditions applicable on such loans. So you need to check the criteria first and then go for such a home loan.
Thanks,
Caron.
Hi Guest,
If you can find a lender having business in the state where your father resides as well as in the other state where you have a home, then it will be easier for you to get a loan and send the payments to the lender.
Thanks
If you can find a lender having business in the state where your father resides as well as in the other state where you have a home, then it will be easier for you to get a loan and send the payments to the lender.
Thanks