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Buying or Selling a Home/Home ownership transfer
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Question
Hello,
We are currently living in a single family home. The "owner" of the house is my mother's sister, or my aunt. However we've been making the payments as "rent" because we did not qualify to buy a home 8 years ago.
My question is, what is the lowest cost way for my aunt to transfer ownership of the house to us? There is still a 200,000 $ mortgage
Hello,
Your aunt can Quit Claim Deed you the home for around $100. If you do that though, you would have ownership and she would still be on the hook for the ~200k mortgage. 95% of lenders these days won't let you assume mortgages, so you wouldn't be able to "take over" your aunts mortgage payments.
The cleanest way would be for you to purchase the home from your aunt for the 200k and get your own loan for the property.
Best of luck,
Jay
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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