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Buying or Selling a Home/purchasing a home from father
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Question
My father has both a mortgage and home equity line of credit owed on our family home. He has retired and moved elsewhere. Myself and my husband live in the home and pay all appropriate bills (i.e. taxes, homeowners insurance, mortgage, etc). I am interested in owning the home and getting everything in my name (and possibly lowering the monthly payment). How do I go about the process? Also, I would be considered a first time home buyer. Would I be eligible for the financial incentives currently being offered(i.e. the 8,000 for new home buyers)?
Hi PATRICIA--
Athough you've been paying Dad's Mortgage Payments, including Property Taxes & Homeowner's Insurance while living in the Home,your Dad's considered your LANDLORD & you a RENTER.
If you have NOT owned a Home,have been renting from Dad or before him, someone else, you would be considered a FIRST-TIME HOMEBUYER.
Currently there's a "Time Restraint" on the $8000 incentive; purchases must close by November 1st to be OKed for the money. Work is going now to extend that date, however.
The process is the same as for any purchase/sale of Real Estate.Price,terms and financing must be agreed upon by Buyer & Seller and I suggest you find a good LOCAL Realtor & Loan Officer to help you with the process and all the paperwork needed. Start now, time is of the essence, for the incentives! Find a good Realtor and he/she may be able to direct you to a Loan Officer(LO) that he/she works well with OR find a good LO who may direct you to the "Best" Realtor!
The current value of the property versus the amount of money Dad still owes on it MAY be the "dealbreaker" here, so you need an ESTIMATE of the property's value NOW.A Realtor can give you "some idea" of current value OR Go to the Website of a Company named ZILLOW for a FREE "appraisal" and get all the money-owed info from your Dad. GOOD LUCK.
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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