My wife and I want to buy a single family residence that requires major rehab before it can be occupied.
Banks will not provide a mortgage
for such property as it uninhabitable in its present condition
My wife and I will pay cash for this property. Approx $300,000
It will require an additional $75-100 K
to fix up
This house, after rehab, will become a a first residence for our young adult son
We are giving him approx. $200,000 as the down payment, and rehab funding he will eventually take a bank mortgage for $150,000 and pay the proceeds to me and my wiife
Should our son be shown on the purchase contract along with my wife and myself, or, should just my wife and I be shown on the purchase contract with the idea that we would eventually sell this property to my son.
My wife and I want my son to become the sole owner once he can obtain a bank mortgage and pay us back $150,000 which he had agreed to do
We want to minimize closing and re-closing fees
We live in New Jersey