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Buying a house is difficult enough when you have only yourself to please, but throwing your parents into the mix can create hurdles in the home-buying process. Before beginning your house hunt.
Now that I’m older, I realize how much parents. (my favorite!), and backpacks. And as a kid, I always needed new clothes and shoes. But there’s not-so-obvious ones that nickel-and-dime you to death.
Can I buy my mother’s house for the remainder of her mortgage balance? find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Buy (say) 2/3rds of the house, you pay your mortgage, parents continue to own the other 1/3rd and pay you 2/3rds of the full rent. Brother & sister may not be objecting now, but a few years down the line they may realise how much out of pocket they are over the arrangement.
Buying your parent’s house is often better than getting it as a gift. It puts money in your parent’s pocket, and if you buy it for fair market value, she won’t have to pay gift tax on the deal. There are several ways to arrange the sale, depending in part on whether your parent is moving on or staying around.
Everything you need to know about buying or selling a a home with use. The home is worth $200,000 and his parents are looking to sell their.