Hey guys. My parents had thrown around the possibility a few years ago of selling me their house for what they still owe on it, so they do not own the home. So it would be around 100k. After having a discussion with them about two months ago, they informed me that would no longer be an option and that it wouldn't be possible to sell it for less than 80% of appraisal value. Stepdad listed reasons that I don't remember as much of the financial terms were over my head.
Is this something that is able to be done? Or no? And what is even the process of signing over a mortgage to a family member?
Side note question: in 2011 when the massive storms hit the southeast US, many insurance companies cut people checks to get their roofs replaced. My parents got the check and never replaced the roof. Told me they would have it done whenever they decided to sell, put the house on the market three years later and never sold. This would be a big stipulation of mine having redone before I were to buy it. Are there repurcusions with the insurance company for not having this done when it was supposed to?
Submitted September 25, 2019 at 04:37PM by BeetsBy_Schrute https://ift.tt/2niOg0X
