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Buying or Selling a Home/Buying a house from a relative in San Diego California
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Question
Thank you for taking the time to help me with this.
My mom owns her home outright in San Diego CA. The house is in a Trust which includes me and my sister.
My sister wants to purchase the home from my mom for less than the value of the home (about half). My mom is willing to do this as the home will go to us anyway and she will now have extra money.
Would we have to do something with the Trust first? Consult an attorney?
What would be the easiest for my sister to purchase the home?
Last question - My sister has debt and would like to roll it into the mortgage. Since there is equity in the home, do you think it would be possible to do this? (basically pay off all her debts and only have the mortgage payment).
Thank you for all your help!
Dear Jay;
You will need to consult with an attorney to deal with the Trust. If your sister is purchasing the home without you then there is additional value that you are losing. Again, an attorney will need to be consulted. Since living Trusts or Family Trusts are set up for inheritance purposes, the attorney should be someone familiar with estate planning.
As for the easiest way for your sister to purchase the home...She will need to consult with a lender to see how she can consolidate the debts by using the equity and rolling everything into one loan. It casn be done but she needs to examine which program will be best for her.
~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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