Updated almost 2 years ago on . Most recent reply
Purchasing my Uncles Home
Hi there,
Recently, we lost an Uncle whose home needs to be sold so the money can be divided among the siblings. My mother-in-law is managing the state and doing some projects to get the house in better shape before going to the market.
My husband and I would like to purchase the home as an investment property (rental); my mother-in-law stated that she would "discount" her part of the purchase, which means we would only pay 66% of the original price.
I am trying to think of alternatives to borrowing the money. We have about 20% as a "down payment," but I assume that avoiding a traditional loan would be the best way to avoid extra fees and costs.
Have you ever purchased a home from a family member, and if so, how did you come up with the money?
TIA for your reply.