Financing in 55119>Question Details

Jayjeemarie, Home Buyer in 55119

My husband is living in the home his mother had, and he wants to purchase it...His sib's say NO! We were told he could purchase?

Asked by Jayjeemarie, 55119 Tue Mar 13, 2012

Need advice, please.......

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Donald James’ answer
Hi Jayjee,

There is good information below. Families can be difficult when it comes time to divide or allocate the estate. Try getting a BPO (Broker's Professional Opinion) so you have an idea what the property is worth. If your husband is willing to pay fair market value, and can get financing for the same, the siblings might see the value in getting cash out for themselves. If the siblings are also interested in buying the property the highest bidder should win. You need a professional Realtor who has worked with similar situations.
0 votes Thank Flag Link Wed Mar 14, 2012
Who now owns the house> Is there a mortgage? You can purchase a oproperty if it is for sale, it if has a clear title that can be passed on and if the owner(s) agree on the price and selling methods. Good lock! Estate matters can become difficult; if you mother in law is still living and is the fee owner, she can sell it to your husband or anyone else. Liz 512-986-4105
0 votes Thank Flag Link Tue Mar 13, 2012
Does your husband want to purchase the house at a deep discount? That is the only reason why I think the other siblings migh oppose that. Get a few Realtors opinions on what the home is worth and see if that will help you convince the other siblings that they should let you buy it.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Tue Mar 13, 2012
Well, there's no reason why he can't purchase it from a conventional real estate transaction standpoint. But, it depends on a couple of things.
1. Who has rights to the property? Do the siblings and he have decision making power over the property together?
2. Can your husband qualify to purchase the house from a financing standpoint?
3. Is your husband prepared to take on the responsibilities of owning a house?

These are all questions that need to be answered before a comprehensive determination can be made. I would consult a real estate attorney to know exactly what his/your rights are.

Good luck, Jayjeemarie!!!
0 votes Thank Flag Link Tue Mar 13, 2012
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