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Home Buying in 14580 : Real Estate Advice

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Activity 4
Wed Sep 29, 2010
Don Tepper answered:
Check with a lawyer and an accountant. I'm neither, so this is neither legal nor accounting advice.

However . . .

Your mother does not have to be on the new mortgage. If you and your husband qualify, then the two of you would purchase the property. Your mother would be a tenant in your property. However, that's also something to discuss with her. Would she be willing to go from a home owner to a tenant?

As for how to handle the equity in the two properties, check with an accountant. The main hurdle is how to transfer your mother's equity to you--presumably as a gift--while minimizing any taxes. There may be other ways, as well. But you have to look into that before you take any steps regarding sale of the properties or purchase of a new one.

Hope that helps.
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Thu Jun 18, 2009
Kristen Wahl answered:
Hi Denlak, I'd be happy to help you out however I can. I specialize in selling homes in the eastern suburbs of Rochester. To learn more about me, you can visit my website at www.KristenWahl.com. There are also some free tips for buyers there.

If you let me know your specifics I could set you up to receive e-mails automatically when homes that match your criteria are listed. Are you looking only in Webster? What is your price range?

Best of luck, and feel free to contact me if you would like my help!

Kristen
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Mon Dec 29, 2008
Ralph Windschuh answered:
Denrama, if you're renting right now, buying almost any time is a good time. Renting is just throwing money away. If you're buying and plan to stay in the house at least five years, it's a good time to buy. Interest rates are historically low and prices almost everywhere are down. I really don't know of too many areas that haven't been adversely affected by this market. If I can help you in any other way or recommend a good agent to you in the Rochester area, please let me know.

Happy New Year!

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
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Wed Sep 29, 2010
Thomas McGiveron answered:
Jon,

Well no one can say whether you're going to go broke or not - but buying a house that needs work can be stressful and fun at the same time. Whatever your budget is for repairs - just double it. How did you come up with the $6000 figure for the repairs? ... more
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