A few months ago, some of you suggested it was a terrible idea to buy a house and move across the country... Y'all were right! My relationship with my family fell apart in spectacular fashion, and I have this fucking place. Also, it turns out that owning a house is hard, mostly because all the things I can't do, were things my husband could, and I just get constantly reminded that he's still gone, and I'm crying all over again.
Well my sister, has been house hunting for a while now, but hasn't had any luck. My sister and her fiance love my house, they think it's perfect, and it really is a great house. The wrinkle is, she has to sell her condo (great area, great condo) before she can buy, so she needs a 90 day lead. Everything in our area (we're in the same zip code), sells withing 45 days, including condos.
The plan is for her to take a mortgage out for my house that isn't quite full asking, move in while I'm moving out, sell her condo and pay me the rest from her equity. We are putting all of this in front of a real estate attorney, none of this is being done on faith, everything will be done with clear contracts.
How do I structure this? She is pre-approved for $130k, and that leaves the remaining $35k to be paid after she sells. Since the bulk payment will come first, I am slightly more flexible with the smaller payment, so I want to include a "buffer zone", in case there's a problem with her condo, but she still has to pay me the rest no matter what. How do we protect each other, so we both get what we want?
Submitted May 07, 2019 at 06:22AM by Dawn36 http://bit.ly/2J7LRj9
