Property Q&A in Michigan>Question Details

Dj, Both Buyer and Seller in Michigan

My parents estate is in probate now. The house was left in equal shares to us 4 children. I have option to purchase home which I want to do. One

Asked by Dj, Michigan Thu May 6, 2010

sibling owed my Dad alot of money which is to be taken out of his share. I want to purchase home with Land Contract from my siblings.Can you please explain to me how this all works and what has to be done. Thank you.

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You need an attorney!!! Consult with an attorney, and a tax/financial professional before you proceed. Probate is complicated, and land contracts can be ... so the mix is not something to mess with alone.
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0 votes Thank Flag Link Fri May 7, 2010

The process may be simpler if you skip the land contract and attempt to purchase the home with a traditional mortgage. This transaction would be considered an equity buyout and classified as a rate and term refinance. No seasoning is required for an equity buyout.. Meaning you do not have to own the home for a specific time period before taking out a mortgage. You can cash out up to 80% of the homes value to pay off your siblings...

Hope this helps.
0 votes Thank Flag Link Fri May 7, 2010
Dj you really should talk to an attorney and an accountant. There are not only legal issues with the home and chain of title but also tax issues for all. We helped a client several years ago who had almost the same situation and the attorney and accountant helped all keep everything straight.
0 votes Thank Flag Link Thu May 6, 2010
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