My family has offered my FH and I first crack at my grandmother's house. The problem is that it will be going on the market next spring. We are only getting married next fall and we weren't ready to buy a house, but this one is everything we want! We hope that we can afford it! We don't know what it will cost - my uncle says 300K, and my mom says 400K. We won't have any down payment like we wanted to have.
We both really want this but we don't know if we can afford it, nor do we know where to even begin figuring out if we can!
Arrggg this is so frustrating!
Beth1210
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Re: I need to vent
why don't you ask them to let you make payments to them until the wedding
then take you wedding money for the down payment and then get a mortage after the wedding
I would hope your family would want to help you and charge you are fair price
just a suggestion- maybe it would work
FUTUREBRIDETOKEITH
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Good luck to you. Try to work something out. They are family they will work with you.
Sweetd
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Good luck!
Blu-ize
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Re: I need to vent
Posted by Beth1210
why don't you ask them to let you make payments to them until the wedding
then take you wedding money for the down payment and then get a mortage after the wedding
I would hope your family would want to help you and charge you are fair price
just a suggestion- maybe it would work
This is a great idea. Also you can assume the mortgage and then take an equity loan to make up the difference in market price once your wedding is over. That's just one suggestion.
thiadora
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Re: I need to vent
Buying from family can be tricky. The house should probably be appraised before you buy it.
Your relatives can give you a private mortgage, if everyone is agreeable to it. (Similar to the other suggestions, this just makes it more official.) It would be recorded in the County Clerk's Office, you would pay interest, etc... It could be used in conjunction with a mortgage made to an institutional lender or completely on its own.
