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My grandma is selling me her house for 60 thousand what do ...

Sent to General Experts July 16 2006 at 4:55 AM
   

My grandma is selling me her house for 60 thousand what do I need to do to buy it?

 

Customer (name blocked for privacy)
Status:  Closed   Value: $15
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July 16 2006 at 5:32 AM (36 minutes and 11 seconds later)
         
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Hello

I would first go see your banker

The first step is going to be to get it appraised

Then it depends on your credit

If your credit is good and the appraisal comes in high you may get away with little or no down payment



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thanks   Glenn
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Glenn -- engineering tech. -- 90% Positive Feedback on 103 General Accepts
over 20 years in a research and development environment/ journeyman electrician
Info Request
July 16 2006 at 5:43 AM (10 minutes and 56 seconds later)
         
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Is she wanting all the money up front as there are also other ways to handle this without a bank.? Does she have a free and clear title.?
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4ren6 -- Forensic Specialist -- 97% Positive Feedback on 107 General Accepts
Over 20 years in the areas of Forensic Investigations.
Reply
July 16 2006 at 8:15 AM (2 hours and 32 minutes and 50 seconds later)
         
Reply to 4ren6's Post: Yes she owns the house free and clear. She wants the money up front but will work with me. I have 20,000 in savings plus an ira
Customer (name blocked for privacy)
Answer
July 16 2006 at 8:31 AM (15 minutes and 22 seconds later)
         
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Ok, what you need to do with her is quit deed the property over to you. This can be done at the link provided and fill in 10.00 as the amount. This is considered a gift. you will need to add the clause of "life time rights" to the deed by adding a clause that she can live there until her death.

Record the deed at the clerks office and you will need to pay the taxes.

In regards to finance. Once the home is in your name you can use it as collateral to obtain a loan for the 40K. You can give her the 20K now if you like or over time. That is up to you and her. But the only thing to do is what I have mentioned above. This will also assist and help her if she were ever in need of going into a nursing home for long term care.

Have her also go ahead and give you durable power of attorney so that at her death you will be able to tie up any loose ends.

The link is:

http://www.formsguru.com/forms/legal-forms/quitdeed.html

If you have any other questions then just ask me. This above is nothing more then estate planning for her death.



Edited by 4ren6 on July 16 2006 at 8:32 AM

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4ren6 -- Forensic Specialist -- 97% Positive Feedback on 107 General Accepts
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July 16 2006 at 8:43 AM (11 minutes and 44 seconds later)
         
Reply to 4ren6's Post: SHe doesn't want to live in the house she is going to Alabama. and what kind of deed was that again?
Customer (name blocked for privacy)
Answer
July 16 2006 at 8:49 AM (6 minutes and 31 seconds later)
         
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It is a quit deed the link will explain it. So you do not even need to add the life time clause.

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4ren6 -- Forensic Specialist -- 97% Positive Feedback on 107 General Accepts
Over 20 years in the areas of Forensic Investigations.
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