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Buying or Selling a Home/Buying home from Parents Estate
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Question
I and 3 siblings have inherited my mother's home in Texas. I would like to purchase it from the estate (house is paid off). Can my 25% ownership be considered a down payment?
Hi Patti;
That depends...will you be getting a conventional loan for the other 75 percent of the total value? If so the bank will be the source for how they view your 25 percent ownership. Each loan comes with its own set of guidelines and restrictions. It also depends upon the value of the home, what kind of loan you are looking for and also your personal qualification for the loan...job history, other collateral, but mainly your credit history and rating.
Go to a lender and discuss your thoughts and questions. Get a pre-qualification from the lender and then you will have a better idea of whether or not this is doable.
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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