Buying house from relative
Hello All,
I am new to these forums so I hope that I posted in the correct place and also hope I don't sound like a total newbie even though I am :)
Anyway here goes my story:
I am currently living in a house that my parents own outright, I have been paying rent to live here for many years and now I would like to buy the house from them. We have agreed on the selling price.
My question to you is do you have any advice on how we can proceed with this transaction smoothly and with minimal involvement from the outside world (brokers, loan brokers, etc). Also is there anyway that we can do this deal without a conventional sale? Meaning can we transfer deed and then I could refinance and pay them that way? The house will appraise for much more than my purchase price.
Any info you have or questions please let me know.
Regards,
Phil