Home Buying in Huntington>Question Details

Nick, Home Buyer in Huntington, NY

My wife and I currently live in one of my in-laws houses. The one we live in they received from and

Asked by Nick, Huntington, NY Tue Mar 17, 2009

inheritance. The house is valued at $400k. We're looking to purchase the home from them however having a growing family it will be really hard for us to pay market value for this house. What can we do in order to purchase the home at a reduced cost without penalizing my in-laws for selling the home at a discount. I'm not sure tax wise how this could affect them. Also is renting to buy an option? I'm sure that they would like to have additional income plus a little extra cash upfront for the house. Please let me know your thoughts.

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Hi Nick, you've received some good advice here. One more thing to consider, although you must check with your accountant on this, is that your mother and father can give both you and your wife $10,000 tax free. It will help them with their estate tax planning and it will help you with your down payment, if you decide to purchase the home. Again, discuss this with your accountant.
0 votes Thank Flag Link Tue May 11, 2010
Call Gail Gladstone. She could probably cover a lot more sides of this issue than anyone else.

Carol Bromm, SRES, CBR
Prudential Douglas Elliman
631 422-8269
0 votes Thank Flag Link Tue Mar 17, 2009
Surely trust your professional advisors, but they are also limited in what they can tell you.

My daughter purchased a home from me and received a mortgage for 3/4 of the value; I held a 2nd mortgage on the balance and we worked out our own payment schedule to assist both her and me. If you would like further info on what we did, contact me...Gail@GailGladstone.com...we are also in Huntington.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Mar 17, 2009
I have done this before and could help you save lots of money.
If I can help let me known what
If you have additionalquestions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes Thank Flag Link Tue Mar 17, 2009

There are many ways you can work this out, given the fact that you have open communication with your relative. Renting to buy is a great way, with a percentagve of your rent used to build up a deposit going towards the purchase of the property. There are also ways to gift equity, but you should really use the professional help of an accountant and lawyer in this matter once you have worked out the fact your inlaws want to make this happen.

If you want to expand on any of the above thoughts, please contact me at your convenience.

Very truly yours,

Douglas Montgomery, Broker/Owner
HomeNY Corp. Douglas@HomeNY.com
0 votes Thank Flag Link Tue Mar 17, 2009
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