As the title says, my parents intend to sell me their house for below market value. The value of the house is ~500k but they intend to sell it to me in the neighborhood of $320k. They have many reasons to do this, but primarily to get out of two house payments (vacation house will become primary residence) and receive a lump sum of capital to do further renovations/additions to their vacation house. They have completely paid for the house they are selling me and no longer have a mortgage or any finically liability outside of the usual taxes, maintenance, etc.
I will have ~30k to put towards a down payment and our neighbor/close family friend is a real estate lawyer who has already said he’ll take care of everything on his end for a greatly reduced price, or for free. I also have what is considered an excellent credit score.
My question: what is the best way to go about this? Are there little known options that are more beneficial for both parties? What are the advantages/disadvantages? What can I expect in terms of a mortgage and the monthly payments associated with it? Is there anything I should be careful of, or better yet, look forward to??
TL;DR - parents selling me their house on the cheap. How should we do this in a way that benefits both parties???
EDIT: For those asking - my gross take home is ~88k in addition to a yearly bonus that I do not count on any given year but have always received and is based on company performance
EDIT: My girlfriend will be moving in as well and after many conversations and looking through her budget, she has determined she can commit $700-800 month toward the mortgage/expenses
Submitted May 02, 2019 at 12:48PM by rallyrips420 http://bit.ly/2WicPYo
