Posted on: 24th Nov, 2010 07:24 pm
I am purchasing my mothers home under market value, and the bank mentioned gift equity. The home needs updating but I really dont have the cash to do so. Are you able to get money back to be able to make the updates possible? I fully do not understand this concept.
Welcome sjflint,
The concept is not clear to me even. Gift of equity is the amount of equity gifted to you when the seller transfers the property to you. To know more about it, check out the given page:
http://www.mortgagefit.com/predeal/giftequity.html
The concept is not clear to me even. Gift of equity is the amount of equity gifted to you when the seller transfers the property to you. To know more about it, check out the given page:
http://www.mortgagefit.com/predeal/giftequity.html