Posted on: 02nd Apr, 2009 06:35 am
My uncle passed away a few months ago and my mother, brother, and I all received a third of the property. Basically, I am wanting to buy them out so I am needing a loan for $62000. I can not do this until the estate is closed which probabally won't be for a few months when everythings settled completely. I am just basically looking to see how this process works since I have never dealt with an estate etc. Is it possilbe to use my portion as a imaginary down payment so to speak? The total sale price will be $93000 we have agreed on. It just appraised for $112000. I can tell you I just pulled my credit and my score is 769. My income is $1950 a month. I do not have any debt of my own but I did cosign on a loan 2 years ago for someone else but he makes all the payments. I was not sure if that would count against me or not. I am just looking for a prequalification and some direction at the moment.
Hi shelley,
I think you can go for some sort of a legal agreement where your mother and brother will quitclaim their share of the property to you and you will promise to pay them the buy-out money as soon as you get a loan on it. As your credit score is quite good, getting a loan will not be that much of a problem for you. You should, however, consult with a real estate attorney as he would be the best person to guide you in this case.
I think you can go for some sort of a legal agreement where your mother and brother will quitclaim their share of the property to you and you will promise to pay them the buy-out money as soon as you get a loan on it. As your credit score is quite good, getting a loan will not be that much of a problem for you. You should, however, consult with a real estate attorney as he would be the best person to guide you in this case.
just wait till everything is settle and recorded with the county recorder's office and you'll be able to have them quit claim their interest in the property over to you. that way you will be the sole owner and then you can refinance the property.