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Buying or Selling a Home/Buying from family
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Question
You may not be able to advise me in this but I am desperate. My mother's house is in my brothers name. There have been a lot of family issues and he wants the house out of his name. The current pay off is around 60K. He has offered to sell me the house, but I am not sure how to even go about this. He doesn't want anything from the house. He mentioned something about using the current equity to get the house. I don't know where to go for answers and hope you can steer me in the right direction. The home is in eastern NC and I could use any help one this. My mother's health is not the best in the world and the stress of this may kill us both. If you have any advise please let me know.
Thank you,
Brandon
First question is why did your mom deed to your brother? Who got the mortgage, your mother or
brother? If home was free and clear when mom had home she could deed her rights to anybody.If she deeded to brother, and he went and got mortgage, the mortgage I guess is in his name? I am assuming? You mentioned the current payoff is about 60k, my question is what is home worth?
To answer your question, have REALTORScome in ,if your brother allows, and do a market review, they will give you data that supports the market price of home. At that time you and your family MIGHT consider placing home on market with real estate agent.You mentioned he would sell you the home. Is he looking to profit from it? If you buy you need to have be involved in determining the current MARKET VALUE. The equity is the value over and beyond the payoff. If you do this speak with a local lender,get per approved. They will let you know real quick if this can happen.
Other advice speak with a lawyer in your area regarding deeding back the home to mom, or someone else. You have more of a legal issue then anything, keep in mind, it can be fixed. don't panic or do something you will regret down the road.Family real estate is an area you need to be VERY careful with, I personally don't represent family, due to these kind of issues.
I hope this is helpful. Good luck. Be careful.
Marvin
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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