For sale by owner
- Thread starter clarence
- Start date
PM me with details.
I'm doing it RIGHT NOW!!
I'm doing it RIGHT NOW!!
clarence said:
If she just want to buy the house from her father then that is pretty easy. Buying and selling a house is nothing but a couple pieces of paper saying that one is buying and the owner is selling.
The main things that needs to be known for us to truly address the question is whether there is a mortgage on the property? Does the daughter want to get a new mortgage or leave the one there on it (recommended if the terms on the current loan is good / way better than what she is getting)? Is there any leins on the property?
There are actually some real estate sites that have been posted in this forum that you can do a search on.
keep in mind that most lenders will allow a gift of equity in lieu of the downpayment or to reduce ltv to get a better rate. For example if the the father wants to sell the home for 70k and its worth 100k he can gift the 30k in equity to the daughter for downpayment and closing. Like post above if he just wants to get out of the mortgage the daughter can be put on title and assume the payments and refi the note in her name 6 months to a year later. Its pretty easy all you have to do is contact a retail or a mortgage broker and they can walk you through the details.
What the others have said is correct. It's just a matter filling out a contract between buyer and seller and arranging the funding. There are a couple of things you have to look for though.
If you are working with a mortgage broker or banker, make sure they don't have a problem with the buyer and seller being relatives, most don't but some do.
Secondly, you will have to make sure the father isn't behind on any payments, if he is, the lender will more than likely shut the deal down in fear of him trying to avoid losing the house by selling it to a relative. This was very common strategy to avoid foreclosure.
I am a loan officer in Atlanta so if you want to speak deeper on this, PM your contact information.
Good luck
If you are working with a mortgage broker or banker, make sure they don't have a problem with the buyer and seller being relatives, most don't but some do.
Secondly, you will have to make sure the father isn't behind on any payments, if he is, the lender will more than likely shut the deal down in fear of him trying to avoid losing the house by selling it to a relative. This was very common strategy to avoid foreclosure.
I am a loan officer in Atlanta so if you want to speak deeper on this, PM your contact information.
Good luck