Updated almost 5 years ago on . Most recent reply
All cash buy with HELOC! Need advice!
First time poster, long time lurker!
I'm buying my 4th unit out of state (I live in Michigan) and it's my Aunts house in Akron, OH. I've been able to use a HELOC and Agee to a good price and I'll be able to write a check from my HELOC to cover the whole thing. She had an appraisal done and I already had an inspection done. With everything a go, we've opted to not use a title company at all to process this handshake and inter-family agreement.
Now, my fiancée is a newer KW agent in Ann Arbor, MI and knows how to draw up a sales contract, but we are starting to think this is going to be a quit claim deed. Even with a sales contract, and it’s signed by both parties, then what? Do I turn it in somewhere or just stick it in my desk drawer?
What do I need to do to write a check to my Aunt, and buy her house? No Lenders, no title searches, no frills?
TL;DR - How can I buy a house in cash from a family member quickly and without use of a title company?
Most Popular Reply
Hi @Jake Roberts, welcome to the BP forums!
You COULD do that, or you could do the wiser thing and bring in a professional of some sort. If you absolutely hate title companies then a real estate attorney could do the same thing. In light of your question about what to do with the sales agreement I'd say having a company go through the processes of recorded the deed and organizing all of the relevant documents in the legally appropriate way is prudent AND will simplify your life at a marginal cost.