Expert: Sue Bernstein - 12/3/2008

Question
I'm a Realtor and met a possible buyer who lives in a home owned by his girlfriend's mom.  He's renting from the mom and wants to purchase the home now.  His credit's not good but he and his girfriend both have stable jobs.  Are they able to purchase this home with fha loan with the co-signer being the mother who owns the home they want to buy? Basically the mom wants to sell this home to them since they've been renting and living in it already.  Can I list and sell this home for them as a Realtor or are they better off going through the lender and Real Estate Attorney?

Answer
Hi Jackie,

You need to have your clients meet with a lender to determine their qualification to purchase. I believe they should list their home with a real estate agent as the agent should have the most expertise.  Let the lender to do loans and the attorney practice law.  Hope this helps.

Sue Bernstein