Q: Options needed to purchase house from parent.
My father owns a house free and clear that he would like to sell to me. He does not live in the house but maintains it. He also has another house where he lives with his wife. I need to stay in my current home until kids graduate in 2024. My father is 87 and not in good health, he may not be around in 4 years to sell the property to me when I'm ready to move. The property is less than 50 miles from my current home. I have excellent credit but not much saved for down payment or enough income to cover another mortgage payment. I know many people must have been down this road before. What are some possible solutions for selling the house to me? Thanks!
A: If your father is agreeable to delaying the receipt of the proceeds from a sale of the property, he could sell the property to you now and take back a baloon mortgage that becomes due at the time you intend to be ready to move. This way the purchase price and sale are confirmed and you become the immediate owner of the property. When the balloon mortgage comes due, you could refinance so you you let your father enjoy the proceeds.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
