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Buying or Selling a Home/purchasing from family
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Question
My mother recently died and her house was in mine and my two brothers name. A realtor recently said that it is worth 330,000. We are located in NY. How can I go about purchasing this house from my brothers if they both agree? Do we need a realtor, lawyer or what?
Dear Karen;
You may purchase the home from your brothers by agreeing on a price and then going to an attorney to have the papers drawn up. You will need to have title transferred and if you are getting a loan for the full amount you will also need to have an appraisal done. It is a good idea to have a home inspection as well just so you know what needs fixing in the home. This could affect the price you are willing to pay. Remember that there is equity in the home but that equity needs to be split three ways. Buying the home from your brothers (and you) means that you are either paying full value and dividing up three ways or paying two thirds of the full value which might hurt the values of the homes in the neighborhood but will certainly cost less in other ways. Evaluate the pros and cons (tax benefits etc.)with an accountant as well as the attorney. You should also get pre-qualified with a lender and discuss the benefits of various types of loans and payments.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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