Updated about 5 years ago on . Most recent reply
Purchasing a property from my soon to be mother in-law
Hey BP guys and gals. I am a larva in the RE world. However, I have been studying and tracking real estate strategies for about four years now. Figured I'd run this past you people. So my fiance and I have been together for some time on track to our wedding.
Her mother has a property she has held on to for years. In hopes, my fiance would take it over after she graduated. It's been several years since she has graduated from university. She has voiced she has no interest in the property. Due to the little upkeep that has been done on the property for the past 25 years.
Her mother struggled to pay the mortgage pre-corona. She has now given up paying on the mortgage. As a result, the bank would like to foreclose however due to the current pandemic that is on freeze. The property currently has less than 25k left on the principal. I know the area very well and it is an extremely hot area. Homes are selling above the asking price weekly. The property was last assessed around 250k by the local tax assessor. Obviously comps are well over.
I have convinced the fiance we should purchase the home before the bank steps in. Her mother would like to wash her hands of the property. I'm curious how an Non-Arms length transfer would work. I would like to shoot for a 15 year fixed rate 80% LTV. Convince the bank to a short sale if possible. What do you guys think?