All Forum Posts by: Damaris Gama

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.