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Home Buying in Roxbury Township : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 2
Fri Dec 16, 2016
John Burke answered:
Hi Wilo3,

The best option is to do a gift of equity purchase.

Here's how it works. Let's say the home is worth $250,000. Your parents only owe $210,000 so that means they have $40,000 in equity. They can sell the house to you for $250,000 but gift you the $40,000 equity which is treated the same way as doing a $40,000 cash down payment.

Your parents can also pay your closing costs through seller concessions so your only out of pocket expense would be for your appraisal & home inspection.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
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Sun Oct 26, 2014
Suzanne MacDowell answered:
You will need to get an appraisal. Then you will need to file the attached form (see the second link). I also found a brochure on line that may be of help. The Morris County Courthouse is often a good source of practical information even though they cannot give legal advice, they should be able to help you navigate the process.

I would also try to find out if the upgrades will automatically increase your taxes. It may not be as bad as you think, if it has any affect at all.
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