All Forum Posts by: Cory Morris
Cory Morris has started 1 posts and replied 2 times.
Post: Buying from In-laws
- Posts 2
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Quote from @Jay Hurst:
Quote from @Cory Morris:
My father in-law has not been living in his house (primary residence) for nearly a year. My wife and I approached him to discuss buying it from him since it is simply sitting. The question I have, is there a legal way to assume the mortgage since he has such a great rate? We would bring in compensation to make it worth it too him and he seems to be open to the idea as long as we can figure out a way to do it without too much penalty on his side. If we can avoid paying a "gift" tax that would be great! Thank you for your advise.
would this be a primary residence or an investment property for you? is his current loan VA, FHA or USDA? If so, the loan would assumable. If it is conventional then the loan is not assumable.
It is an FHA loan. We plan to use it as a rental property/investment. I am new to real estate, how would you suggest I start to assume the loan?
Post: Buying from In-laws
- Posts 2
- Votes 0
My father in-law has not been living in his house (primary residence) for nearly a year. My wife and I approached him to discuss buying it from him since it is simply sitting. The question I have, is there a legal way to assume the mortgage since he has such a great rate? We would bring in compensation to make it worth it too him and he seems to be open to the idea as long as we can figure out a way to do it without too much penalty on his side. If we can avoid paying a "gift" tax that would be great! Thank you for your advise.