Home Buying in 99121>Question Details

Timeforhope, Home Buyer in 99121

how to convince millionaire parent to gift money for home purchase? i need a winning script from a master negotiator please. thank you & wish me

Asked by Timeforhope, 99121 Thu Feb 10, 2011

luck at 37 i am closing on my first home that is a cash only, as-is post reo which i'm getting for slightly more than 1/2 the price that the same house sold for 11/2010. i've been spending next to nothing to get to the point to afford my own home. now that the deal is closing i've asked each of my divorced parents for $13k towards the purchase. each of them spent next to nothing on me & my siblings which has helped them become millionaires, own million dollar homes, and spend lavishly (on themselves). neither paid anything towards any of my major life expenses (car, tuition, etc) and one said "you expect me to gift you $13k? That I will not do. Hopefully the money that I sacrificed to save will enable me to support myself in the future." i know squeezing blood from these turnips is near impossible but i would really appreciate some winning-phrases that may generate ANY gifts from them. i need advice on throwing a "hail mary pass" to convince these millionaires to gift me this money.

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I have seen this so often, & it is really sad. You cannot force them to do anything. Ask them for a loan instead & go over the circumstances with them clearly. You might want to remind them that this is a very special situation and that you would be very thankful for their help at this time.
1 vote Thank Flag Link Thu Feb 10, 2011
If you are trustworthy and hard working, a gift of 13K should not be necessary. Go to a reputable credit union or bank and ask for the loan. If the home is the value that you say it is and you have good work history and credit, you should not have to rely on the generosity of the parents. Best of luck.
Web Reference: http://www.advantageil.com
1 vote Thank Flag Link Thu Feb 10, 2011
If you are only 37 and "closing your first home for cash only" then you are doing great!! Obviously, what your parents have taught you is worth far more than $26,000. Appreciate that you don't know all their financial business, and it's "TimeToHope" that they can support themselves the rest of their lives without depending on you in the future. It sounds like that may be their intention.

Enjoy your new home, and Congratulations!

Jean Bradford, ABR,GRI,CRS,CRB
Managing Broker Associate
John L. Scott RE
Silverdale, WA
1 vote Thank Flag Link Thu Feb 10, 2011
My parents were exactly the same way. To this day I have to figure out how to recieve a gift without paying them back so if you succeed please do share your secret LOL
1 vote Thank Flag Link Thu Feb 10, 2011
They probably feel that since they earned their own money, that you should earn your own money. Been there...tuition, car, movies, gas, food, and life in general...in fact, earning my own way has made me a better person. Of course, had my folks given me money to make killer deal cash home purchases I may be farther along in life financially than I am today...I've "missed" many opportunities because I could not cash out homesellers versus trying to get financing conventionally. And that's THE WAY IT IS, folks. My parents didn't get anything from their folks, except a roof over my head, 3 squares too. Three hots and a cot.

And thank God for that. It has taught me self-reliance.
1 vote Thank Flag Link Thu Feb 10, 2011
Why is it sad Jurius? Didn't the parents bust their butts to work and provide all necessities to these kids prior to them turning 18? No where does it state that a parent has to support us after we have become an adult....most wealthy families I know will only lend on a case by case basis to the kids in order to ensure they remain responsible. Nothing in life is free, even if one has rich parents right?;-)
0 votes Thank Flag Link Thu Feb 10, 2011
Bottom line You can state if you continue leasing make the property owner richer, when you can receive tax benefits and home in time will increase in value.

Good luck


Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 10, 2011
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