First, it's not clear you're talking about property in Washington state, but when you formally purchase the property it is likely your mom will have to pay off the existing loan, or at a minimum that existing loan would need to subordinate to your new loan.
Think about it this way. If she wasn't your mother and you were buying the property from a third party, wouldn't you want the existing mortgage paid off and removed from your property? Well, your new creditor will feel the same way.
But talk to a loan officer about your specifics.... more
I am involved with cash investors who buy out a home for cash, they also might do a house swap, or even take over the mortgage. These are various solutions not often made known all the time. But, to find out more feel free to contact me for a value assessment and possible solutions.... more
The listing you are referring to is for the land only in Coupeville. Is that what you are looking for?
I would be very happy to create a personal real estate search page for you that will connect instantly and directly to me when you have questions. Please contact me at email@example.com and I will be very happy to help you with your search. :o)... more
If certain areas are heavily in short sale or bank owned, yes, a buyer can have trouble come appraisal time. However, there are neighborhoods in every town that have had value drop, but are not in the type of shape that would cause appraisers to not appraise at asking price. Appraisers use a formula that includes a radius of where the home is located, like square footage, building materials, and neighborhood condition. If for some reason your home didn't appraise, you as a buyer could work with the seller to negotiate a new price, or if you felt the price was fair, you could suggest coming in with more funds, or you could have the Realtors request a re-evaluation--I have done this before. We give the appraisers comps that show the home's value.... more
I can't stress enough to find a good lender. If you search out an Exclusive Buyers Brokerage, they will more than likely have several lenders they work with who can be helpful. Bank owned homes can be great investments, but they have to pass appraisal, so do short sales. How much work will they take to make them livable? One Realtor mentioned that you shouldn't leave out traditional sales. I agree. Sellers are coming to terms with the market and there are some lovely homes that have been cared for that could be a better buy.... more