Home Buying in Bakersfield>Question Details

Kenia, Home Buyer in Bakersfield, CA

si in law offering us her 6 units no bank involved, good or bad deal?

Asked by Kenia, Bakersfield, CA Tue Sep 9, 2008

her property is payed off in full , said no down payment. but that she wants full appraisal value & said we would not pay a high interest rate. no middle man or bank involved but if we dont pay her she would get property back. 4 units are 2br & 2 are 1br.also advice on what i could ask for that would benefit me.since this is business and she has over 20 yrs exp, in this and im bearly trying to get started.my in law wont give us the shirt off her back, she'll sell it to us!! total mnthly rent collected is $3350. and its on 31 st in bakersfield.

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I would recommend for your obtain an attorney assist in purchasing the home, therefore all parties under contract obligations. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Sep 9, 2008
Kenia,

STOP!!!!!!!!!!!!!!! DON'T DO IT!!!!!!!!!!!!!!!!!!!!!!!

Family and real estate deals don't mix. If she wants full maket value for if, you aren't getting a deal on the property and if you aren't getting a deal, you should reasearch as many properties as meet your criteria and find the best one (maybe it is your aunts - but then again - maybe it isn't). Once you have located the best deal for you and your situation work on buying it using a bank. Money and complicated real estate transactions mess up family relationships.

The last reason you buy real estate at full value is because your aunt owns it. If you really want a 6-plex, go find the best one for you and buy it.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Tue Sep 9, 2008
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