Question On Creative Way To Buy Home In NY
A situation has arisen with my family that i'm trying to solve creatively.
Long Island, NY.
4 Bd 2 Bth. house
FMV: between 450k-475k
AFV: close to 550k (New 4/3 sold across the street last week for $569k)
1/2 acre land, very nice area, built in early 70's.
House owned outright, no loans.
The plot thickens:
The house was occupuied by my grandmother and my great aunt, the latter whom passed away recently. Her interest passed to her son (My uncle - confused about the family tree yet?)
The house is owned by four people. My G-ma, my Uncle, and my g-ma's two daughters.
My uncle wants nothing to do with the place and is willing to sell his interest for $100k - he wants only cash.
My G-ma is thinking she won't be around for too much longer and she wants her two daughters to take the house., but they can't get traditional financing due to their income limits.
I am thinking that my wife and i get the financing (w/ money to fix up the place) and then quitclaim the deed to the two daughters.
Is this the best way to do this? I want to help out, but I also don't want to adversely affect myine and my wife's credit while we are looking to invest elsewhere.
Can anyone help out with some ideas here?
then quitclaim the deed to the two daughters
You just gave away the property
What protects you from them not paying the mortgage?
Ok. First off, do not, I repeat, do not quit claim the house to the sisters. Do the exact opposite. Have them quit claim, well warranty deed, the house to you. The same with good ol grandma. Pay the other party the 100k, and then the house will be yours. Then, L/O the property back to the sisters. This way, if they dont make the payments, you can kick them out and sell to someone else. This is also saying if you really want to rent to family, as well as if they are willing to do this. I hope that this helps.