My parents want to sell their house and travel. I want to purchase the house from them. They will sell it to me for $80K and the house is valued at $250 +. I would like to get a mortgage of about $120 – 150 K so I can do some repairs / fix up to the house. What are the downfalls of doing this? and what penalties will there be for this type of sale? Your answers are appreciated.
Posted in Homes For Sale
Tagged buyer, FICO, fix, Home, house, mortgage, mortgage questions, parents, score, time, time home buyer, Travel, type
My parents want to sell their house and travel. I want to purchase the house from them. They will sell it to me for $80K and the house is valued at $250 +. I would like to get a mortgage of about $120 – 150 K so I can do some repairs / fix up to the house. What are the downfalls of doing this? and what penalties will there be for this type of sale? Your answers are appreciated.
Posted in Homes For Sale
Tagged buyer, FICO, fix, Home, house, mortgage, mortgage questions, parents, score, time, time home buyer, Travel, type