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Buying or Selling a Home/Selling
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Question
I am selling my father's house. I have been unable to for over 2 years. I have been hoping to keep it in the family. My son received a settlement after being hurt at work and he wants to buy it but, he is in the process of losing his current home to foreclosure. The settlement wasn't enough to save his house but enough to buy his grandfathers house. I don't want him to lose dad's house. Is there a way to sell it to him and it be safe. Can he buy it in his minor son's name. I am open to suggestions. I just want to get out from under it. Thanks
Dear Karen;
If your son is losing his house to foreclosure the only thing he can do to buy your father's house is to pay cash for it. He will not be able to get a loan. If he doesn't have enough cash to buy the home perhaps you can arrange for him to do a private loan from you or another family member. Unfortunately, foreclosures really hurt one's credit and therefore make it impossible to secure a loan unless it is a personal loan from a friend or relative. As for buying the home in his minor son's name: again, I am unclear if he is trying to secure a loan and if that is the case then whoever's name is on the deed must be able to qualify for the loan and make the monthly payments. While young minors can be given gifts, they cannot buy real property. If you find that neither of these options works for you, contact a lender or housing assistance government agency to discuss options.
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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