Posted on: 05th Jun, 2010 08:23 am
My primary residence has no mortgage and was just appraised at $310,000. I am splitting up with my partner and I need to buy her out for $170,000. My net income
does not qualify me to cash out on the house. My best
friend offered to co-sign but she would not live here so
that option was denied. She has offered to buy the house
and get a purchase loan. Can I give her a gift of equity and
sell her the house for $100,000 less than the appraised
value? It would be considered a second home for her.
does not qualify me to cash out on the house. My best
friend offered to co-sign but she would not live here so
that option was denied. She has offered to buy the house
and get a purchase loan. Can I give her a gift of equity and
sell her the house for $100,000 less than the appraised
value? It would be considered a second home for her.
Welcome caradurschlag,
As far as I can understand, you will be able to give her a gift of equity and sell off the property for $100,000 less than the appraised value of the property.
As far as I can understand, you will be able to give her a gift of equity and sell off the property for $100,000 less than the appraised value of the property.
Only relatives are eligible for gift of equity.