Updated almost 7 years ago on . Most recent reply
Buying a home from a family member
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?