purchasing a home

Hi

Your parents can surely do that. They can simply transfer the title to the property to you using a deed in exchange for the money. While transferring the property I would recommend a warranty deed as it ensures free and clear title.

Thank You for your advise. Will I be able to claim it on my tax return for 2008? I am a first time homebuyer.

spizzel...not so fast. if your parents very recently acquired this property, you're not going to be able to purchase it so quickly. because there have been so many "flipped" properties across the nation, which have caused severe headaches for lenders, there is a pretty standard policy now that an owner must have held a property for a minimum amount of time, of as many as 6 months.
so hold off on your enthusiasm, though i would suggest you see if you can have an exception made given that it's a family sale.

If they are not making a profit is it still flipping?

It is really about the length of time the property was owned by your parents and has nothing to do with profit or loss. Your best bet is to speak with a loan officer who can inquire within a bank's guidelines to see whether your scenario works. Start those discussions now.

y'know...as soon as i saw your reply, eric, and re-read my own, i realized that there are likely a few lenders out there who'll be liberal enough (did i say that?) to overlook the timing, and take into account the circumstances. it certainly would seem that the circumstances here are pretty benign.

Thanks everyone for your advise