Purchasing a home from Family...how does one go about this???

**Danielle** · 04-19-2010, 10:13 AM

Here's the story....

my mother and aunt inherited their father's home (which my husband and I live in), the home is paid in full. We expressed interest in buying it from them. My mother had the house apprasied in 2008 and the amount was $23,418. My husband and i are wondering how and where do we go from here. We would not mind putting a downpayment down and then paying a monthly payment until the home's worth is paid in full. Is this sensible? or rather, does it makes sense? The value of the house is so low, we really don't want to take out loans if we don't really have to, not to mention our credit is less than stellar. Just confused, we really don't want to go through a huge loan process if it isn't necessary. Any advice, help, would be appreciated. Thanks!

**Chrisopher Moltisanti** · 04-19-2010, 03:29 PM

Well, firstly, you have to determine if your mother even wants to sell. You guys expressed interest doesn't answer if she's into it. Is she like Olivia Soprano? Is she competent enough to know what's going on? Hypothetically, if "yes", then make her an offer if you want to live there that badly. Where will she go? Does she want to go? Is it a mother/daughter living arrangement? No? Well, where will she go then? If you don't want to jump thru all those hoops with the stupid *** banks, then offer her a rent with option to buy. Ask her if she'll hold the note.

Speak with competent Real Estate counsel as soon as you can. No, it's not going to break you.

CM

**clemy** · 04-20-2010, 08:44 PM

Get a real estate lawyer to draw up the contract. If your mother and aunt don't want all the money right now, you can just pay them whatever you decide on. If they want all the money now, you will probably have to get a loan of some kind, but mortgages for that small of amount might be difficult to find.