I need a ton of help here guys! FH and I will eventually be relocating to florida, however we are considering buying my grandfathers house. My grandfather passed away almost 2 years ago, and my brother has since lived there, however now its time to sell it. its a tiny house, we would basically be buying it, fixing it up a little bit and then sell it. it works for us because it buys us time after the wedding. if FH doesnt get his transfer right away etc. we dont have to rush to find a place to temporarily live. so my question is this..... where on earth do I start? How will this be different since i will be buying it from family? should we get an appraisal, an engineer?? how do we shop around for a mortgage without getting a million inquiries on our credit? do we need lawyers and realtors? thank u guys so so much!
skew
Posted:
Member since
Re: where do we start?
who currently owns the house?
exotica776
Posted:
Member since
Re: where do we start?
the house was left to my father and uncle
7706bride
Posted:
Member since
Re: where do we start?
Posted by exotica776
I need a ton of help here guys! FH and I will eventually be relocating to florida, however we are considering buying my grandfathers house. My grandfather passed away almost 2 years ago, and my brother has since lived there, however now its time to sell it. its a tiny house, we would basically be buying it, fixing it up a little bit and then sell it. it works for us because it buys us time after the wedding. if FH doesnt get his transfer right away etc. we dont have to rush to find a place to temporarily live. so my question is this..... where on earth do I start? How will this be different since i will be buying it from family? should we get an appraisal, an engineer?? how do we shop around for a mortgage without getting a million inquiries on our credit? do we need lawyers and realtors? thank u guys so so much!
It is up to you whether you want to get an engineer being that it is family, but it is not a bad idea b/c they really give you a detailed report of what needs to be taken care of in the house and any problems that might occur. I think our engineer cost abour $300-400. As far as the appaisal, it depends. See, we had confusion about this. We took out a Fannie-Mae loan and out broker said that they were not requiring an appraisal on the house, so he said not to get it. Then when we got our approval through the bank we were using, they required it (but my broker said their were ways around it) However, at this point, we did not feel comfortable NOT getting one, so we went ahead an ordered it (it costs $250) and it is nice to know the current value of the house. Also, many banks will not give you the morgtage if the house does not appraise for the value you are mortgaging it for. As far as shopping for a rate, look in the papers. That helped us, but truthfully, we only went to 2 brokers and thereore had 2 inquiries on out credit report, but these inquiries i was told do not get held against your score, b/c you can explain what they were for! I was worried about that also! FM me if you have more specific questions. We just closed last Thurs. so this is all fresh in my mind!
skew
Posted:
Member since
Re: where do we start?
i would assume you would have to first and foremost, decide on a reasonable price and then proceed as you would w/ any other house that you would buy.
don't quote me, as i could be dead wrong.
would your father and uncle be willing to sell the house to you for a below market value $$ (say whatever cash that you may be willing to part w/ ) and then split the profits when you do sell? this way, you only have to take out a home equity loan for improvements.
