Posted on: 18th Sep, 2010 08:14 pm
husband and i want to sell house to our son that he currently rents. house is now not worth nearly what we bought for. $280k. probably worth about $215k. owe $212. how can we get son on title or "sell" to him. if we use quit claim deed, we are under the impression our son could only refinance about $156k. live in washington state
Hi cindy,
You can sell off the property to your son and the selling price would be equal to the property value after you do an appraisal. Moreover, your son will be able to refinance the mortgage depending upon the present property value. If the property doesn't have equity, your son will not be able to refinance the mortgage.
Thanks
You can sell off the property to your son and the selling price would be equal to the property value after you do an appraisal. Moreover, your son will be able to refinance the mortgage depending upon the present property value. If the property doesn't have equity, your son will not be able to refinance the mortgage.
Thanks