Posted on: 03rd Jan, 2011 06:34 am
My significant other and I have been offered to purchase my mothers house from her, and we were unsure as what we need to do to complete the process.
My mom is interested in relocating to a different area in very short notice, and to be able to do so she would need to sell her house. The house was previously on the market for over a year so quick selling wont be easy. My significant other and I are very willing to purchase the house from her so she can use the profits to pay off the mortgage as well as have the finances she needs to relocate.
We've previously been preapproved for a loan as we are already looking to relocate ourselves, so this seems to be the perfect oppurtunity. How do we go about purchasing the house directly from my mother?
My mom is interested in relocating to a different area in very short notice, and to be able to do so she would need to sell her house. The house was previously on the market for over a year so quick selling wont be easy. My significant other and I are very willing to purchase the house from her so she can use the profits to pay off the mortgage as well as have the finances she needs to relocate.
We've previously been preapproved for a loan as we are already looking to relocate ourselves, so this seems to be the perfect oppurtunity. How do we go about purchasing the house directly from my mother?
Hi crystalrenee27 ,
welcome to forum
if you wish to purchase the house from your mother , firstly you should be pre-approved for the mortgage and you should notify your lender that you wish to purchase your mom's house.
and your lender will then look after all the formalities related to the purchase of the house including legal formalities.
jay
welcome to forum
if you wish to purchase the house from your mother , firstly you should be pre-approved for the mortgage and you should notify your lender that you wish to purchase your mom's house.
and your lender will then look after all the formalities related to the purchase of the house including legal formalities.
jay
hi crystalrenee!
welcome to forums!
if the property is free and clear, then your mother can sign a warranty deed and transfer the property to you. however, if there is a mortgage on the property, then you'll have to refinance the existing loan and pay it off. while you refinance the loan, you can ask your mother to sign a quitclaim deed in your favor and transfer the property to you.
feel free to ask if you've further queries.
sussane
welcome to forums!
if the property is free and clear, then your mother can sign a warranty deed and transfer the property to you. however, if there is a mortgage on the property, then you'll have to refinance the existing loan and pay it off. while you refinance the loan, you can ask your mother to sign a quitclaim deed in your favor and transfer the property to you.
feel free to ask if you've further queries.
sussane