Buying a home from a family member

2 Replies

Greetings. I'm new to this forum. Good to be here. Looking for info.

My uncle past away seven months ago and my mother is giving me the option to buy his home. I was told they can sell the house to me without getting a bank involved. Supposedly, my aunt and mom would function as the bank, and I pay them monthly until the house is properly mine. I don't need a down payment, and interest is negotiable. Naturally we'd speak to an attorney to finalize our agreement in paper.

Sorry for the newbie question, what would you call this type of transaction? I'm trying to research it yet I don't know what this is called. Anybody have experience in the matter?  

Originally posted by @Jaysen Medhurst :

@Ian K Laszlo, it's called owner financing and is fairly common. I assume the home is free and clear?

 Not yet. He took out a loan against the house to fix the roof, also had some credit debt. Were looking to clear it by April. Hopefully.