Home Buying in 13212>Question Details

lilybean07, Home Buyer in Syracuse, NY

How do I purchase a home from a family member who owes a mortgage and back taxes?

Asked by lilybean07, Syracuse, NY Wed Jul 24, 2013

I am willing to pay the back taxes. Can I incorporate it into my loan?

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Answers

2
Unless you are paying CASH, (which you can certainly do),
You may not and cannot buy a house for a loss, or below what the Mortgagee owes on it.
Your Lender will not let you; because someone has to make up the difference, somewhere.
People have been trying to circumvent this for years.
0 votes Thank Flag Link Thu Jul 25, 2013
Hi,

You should pay fair market value for the property even though you are buying from a family member. At closing, part of the money you are paying will go to pay the mortgage and back taxes instead of going to your relative.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Thu Jul 25, 2013
Our house is assessed at $125,000- We want to take the mortagage out for $80,000- they owe $50,000 is taxes and their mortagage.. If we did that then they would receive the other $30,000- correct?
Flag Thu Jul 25, 2013
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