I Renting From Family And They Want To Sale Need Advise
I am currently renting a property from a family member for 650.00 a month. I been living here for 3 years. I origianally moved in thinking I was gonig to rent to own, but he ran into a divorce situation then. Now the divorce is over and he wantsl to sell me the house out right.
The property was appraised at 117,000 about 6 months ago. This is when we started talking about the price of the sell. He quoted me that he would sell to me for $80,000 considering I'm family. Now that the paper are written up, the cost is at 114,000. I don't have to put any money down or closing cost (no out of pocket expense). The only think I'm afraid of is the monthly payments now. Which will be 797.10 (P&I only) a month. His broker says I will be paying only on $108,000 loan at 7.500%. I was wondering if this is a good deal or if I should make at the half way of the amount.
p.s. He has taken all the equity out of the home so he can move across state and build a new home. So now his mortgage is more than what I'm paying him. He is also rushing me everyday. <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by Toothpick on Date 09/23/2003 ]
I have a rule I always stick to....
Dont do business with family!
You have to decide this one for yourself...Being rushed...price changing...If you are not comfotable with it ....why do it?