jeff

Alameda, CA

#1 Sep 27, 2011
My father is selling us a house that is worth 300,000, he wants 150,000 for it , how do i get financing on this since the house is not under our name? Father not being helpful, says to figure it out then come to him?

thanks
Jeff
Jim

Brooklyn, NY

#2 Sep 28, 2011
Unless I'm reading this wrong, sounds like you need a standard mortgage.

A bank will loan you the money if you will pledge the house as collateral. If you are truly buying the house from your father, then it is yours to keep and the banks to take if you don't pay your bills.

The $150,000 sale price has to satisfy any other mortgage on the house though (that your father took out when he originally bought the house).

I've got more on my blog at http://our-big-house.blogspot.com

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Home Buying Discussions

Title Updated Last By Comments
Real Estate Agents: Single-Family Homes a Hot R... (Jun '12) Tue brocly 92
Arizona Lender Donates Interest Profits to Charity (Aug '13) Tue SandyWilliams 2
Phoenix Real Estate: Low Demand for Homes, High... (Apr '14) Tue SandyWilliams 3
Renting vs. Buying a Home: Comparing the Monthl... Oct 13 IrvineRenter 1
Four Rancho Cucamonga residents for using a wom... (Dec '09) Oct 3 geckogirl 31
Zillow Partners with China Real Estate Platform... Sep '14 Seth Ashford 1
Gary King visits Alamogordo while on the campai... Sep '14 WARRIOR 20

Home Buying People Search

Addresses and phone numbers for FREE