All Forum Posts by: Sarah Jones

Thanks charles... I understand all the risk involved, but still want to go ahead with the deal. I just want to know the best way way to get it done... can we do a warranty deed after the loan closes since quit claim isnt too strong? and on what document does it say he gets 50 and i get 50% of profits?

Like if i buy it for 200k... and pay her 2k per month for 100 month... i read somewhere on her where i can get it interest free.. im just concerned about how to do the above deal correctly...

4. Also what is my responsibility for telling her about the capital gains tax... im not her CPA... so if i dont mention anything about it and just closes and get the title and she doesnt put it on her tax return that she sells it what happens? Im the buyer i'm not respnosible for paying her capital gains tax and not responsible to tell her right? how does it work i want to do eveyrthign correctly.

I'm trying to buy a house from a 70 year old lady. The house is free and clear. She will be selling it to me and I will just make her payments. She will hold a mortgage on the place.

1. I can ask for 2% rate or even 0% and just make payments for what is owed on the house becuase the house needs a lot of work... should I just make payments directly to her and convince her to do 0% for me.. because the house needs a lot of work or shoudl i just stick with the 2%.. is the 2% to little also?

2. some people told me that if i do it incorrectly it may look like i am taking advantage of her and even though the deal is closed they could come back 10 years later and cancel the deal... is this possible and what exactly is the law for that? (im in california) i'm kind of afraid to do a deal with a lady this old becuase i dont want them to cancel the deal because they think i am taking advantage of her.. i'm not.. just want to do it correctly..

3. also the tax. i'm buying her house so i'm not responsible for her tax.. but she doesnt have money to pay for it.. so some of the money pay has to go to her tax... on her tax return does she have to report how much money I paid for the house? where does she have to report how much she paid for the house? Is there any incentive or senior citizen tax rules (discounts) or anything for senior citizen when they sell their home?

I i get the loan on the property under my name... and the loan closes... can I later do a warranty deed to add my name and my boyfriends name... (he doesn't want to do a quit claim deed it isn't that strong like jon says..)

If they call the loan due.. how long do they give you to come up with the financing? Do i have time to sell the house? If they call the loan due and you cant get a loan through the big banks what are your options? It shoulds like if they call the loan due ... you have 1 day to get the financing or they forclose .. how does the process work? Will i be able to sell it in time ?

If you quick claim deed it to your wife... does that mean she own 50% of the property?

4. loan officer suggest close the loan than do a quick claim deed, but if i do that than deed changes can they call the loan due? Is there anything else you guys would recommend to protect the 10% i am putting in

Im trying to buy a house with my boyfriend, I have a job and will qualify for the loan but i do not have enough downpayment. He will provide the rest of the down payment. We are doing it as a 50/50 deal.

1. I am getting a loan through the bank, if i am getting a mortgage under my name only... he wants to be on title.. will the banks allow his name to be on title even though he is not on the mortgage?

2. do i need to document anything else to show that this is a 50/50 deal meaning if we sell we will split the profit 50/50, what documents that we will split profits 50/50?

3. is the deed the only thing that needs 2 name or other things

thanks jon that cleared it up.