Financing in 78253>Question Details

Ct2576, Home Seller in 78253

i would like to sell my home to my mother i owe 96000 onthe home and the home is appraised at 114000. What is the best way to do this?

Asked by Ct2576, 78253 Thu May 13, 2010

home is under my exwifes name but the mortgage is in my name and the contract with the realtor is going to expire so this can be done FSBO.

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Hi, Ct,

You have several issues that need to be sorted out by someone who understands the nuances. Appraised value, for example - is that the Tax Appraisal value? If so, it is usually wrong. Your best protection is to hire a competent Appraiser to give you its current Market Value. You will also avoid later claims that fair value wasn't paid. A price opinion from a part-time agent isn't going to help you.

Some mortgages are assumable, WITH QUALIFYING. If your mother can't qualify, you may have a problem.

The Title issues will require some strong legal eyes, as will the contract itself. When ex-spouses are involved, your transaction will need to be bullet proof. Hire a Board-certified Real Estate Attorney to write the contract and sort through the Title issues. Most of them also have Title Companies they work with.

I don't know what contract you have with your REALTOR®, but waiting for it to expire to save a few bucks may wind up costing you money. Your REALTOR is on your side. If you can't have an open and honest dialogue with them about your situation, you may need to reevaluate that relationship.

Best regards,

Doc Stephens, REALTOR®
Keller Williams Realty
Web Reference:
0 votes Thank Flag Link Sun May 16, 2010
Call the bank that has the mortgage. Ask if you can assign the mortgage to your mother and if she can take over payments. Contact a title company in your area and ask how you can transfer title and get you ex wife to sign off on the house. Your mom can pay you the difference between loan value and/or equity if there is any. At the very least, all you would have to pay is the title fees etc.

Just a thought and I am not an attorney or am I advising you that this will all workout but it doesnt hurt to ask. It is always a good idea to check with a attorney in matters such as these.
0 votes Thank Flag Link Thu May 13, 2010
Several questions come up before a real answer can be given. Is your ex-wife going to sign the paperwork to sell the home? Is your mother financing or paying cash? Is your current mortgage an assumable FHA or VA? Your comment about the contract expiring leads me to believe your trying to lower your cost during the transaction since your mother is now purchasing your home.

You have several solutions available, it just depends on the answers to the questions above. I would first suggest a Real Estate Atty. If that is not a solution for you, then go to a title company and have them provide and execute the documentation for you if your mother is paying cash. If your loan is assumable (call your lender) then you will need to work with the lender and title company to complete the transaction. If your mother is getting financing, then her lender will advise you on what needs to be done and how to go about it.

If you ex-wife is not a willing participant you will need to go to court before any of this can be done.
0 votes Thank Flag Link Thu May 13, 2010
We charge a 1000.00 flat fee to handle these types of transactions.
Normal Texas Real Estate Commission promulgated forms will work fine with no need for an attorney unless you'd like one.
We can assist with a loan for your mother, obtain the required paperwork for your current marital status and prepare all of the title work.

This answer is in response to your inquiry, and not a new solicitation. TREC doesn't allow Realtors to pursue a client currently under contract with another agent.

If you end your listing and need assistance, let me know.


Steve Collins
Web Reference:
0 votes Thank Flag Link Thu May 13, 2010
Go to a real estate attorney. If your mother is paying cash, it should be fairly simple. If there is to be a mortgage, that's another story. If mother is going to get a mortgage loan, that appraisal you have may not satisfy the mortgage company.
0 votes Thank Flag Link Thu May 13, 2010
If you're using an agent let them write up the paper work for you. Otherwise you should absolutly get a real estate attorney to write the contract for both of you.
0 votes Thank Flag Link Thu May 13, 2010
Call Me Today for a Comparative Market Analysis (CMA) of your home. My staff and I would be more than happy to assist you with the sell of your home.

Rodney Jordan
Cell: (210) 422-3478
Office:(210) 493-3030
0 votes Thank Flag Link Thu May 13, 2010
Anna is correct. Find a good real estate attorney but your ex has to be agreeable to the sale as does the mortgage company since most only allow assumptions with their approval.
0 votes Thank Flag Link Thu May 13, 2010
Consult with an attorney who specializes in real estate for all related paperwork/concerns.
0 votes Thank Flag Link Thu May 13, 2010
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