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Buying or Selling a Home/Buying condo from relative
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Question
Hello Jessica,
I live in Ohio. I will be selling my current home in 2004 and buying a condo from my sister. How do I this? Can I simply go to an attorney with my sister and have a purchase agreement drawn up? With my purchase agreement in hand can I then proceed to my bank to apply for a new mortgage for the condo? If it is significant at all, my sister and I both hold current mortgages at the same banking institution. Thank You !
Hello Howard;
First of all,
I would like to apologize for not getting back to you sooner. I never received the question.
To answer your question: yes, go to the attorney's office, have a purchase agreement drawn up and then secure your loan from your lender. Once the loan is obtained, you may proceed with closing and recording of the deed transfer. I would also like to remind you that you should have the home appraised and inspected just to make sure you know what it is that you are buying and that there are no problems.
Good luck and best wishes.
Sincerely,
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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