How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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I think it's always a mistake to do any kind of business with relatives or close friends. If you do, get everything, the smallest detail, written down and go through a lawyer. Anything that involves...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Still seems like a crappy deal for him. Hes sitting on that pile of debt with nothing coming of it.
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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If we go a lawyer and have the contract drawn up to say 100% of rent goes toward the price of the house, how would the bank ever see this contract? seems like they wouldn't need to know, right?
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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That's correct, just keep both of your mouths shut, and don't admit to anything. Also, still have your brother pay the mortgage on his side using his check, or however he does it. Just don't have him...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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I'm not an expert here but is contract for deed an option?
As others have stated I would recomend getting your own mortgage ASAP, I don't understand why your brother would want to continue to have...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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You can ask the lender if the note on the property is assumable. In that case, a buyer can take over the payments You may also do what is called a
"wrap around" mortgage or "all inclusive" loan.In...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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"RENT with an option to BUY" The odds of the present mortgage being assumable, are infinitesimal. If you draw up a contract as above, the bank will most likely call it immediately.
So with a "rent...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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What if an asteroid hits the earth tomorrow? What if all the banks fail tomorrow? What if he drops dead tomorrow?
Come on, if you never take a chance, you can't make money. He's at least thinking...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Why don't you just get a mortgage and buy it from him outright? That seems easiest....
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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I agree with the others that this situation seems like a time-bomb. You should make sure that everything is on paper and that an experienced attorney is working on the contracts. With family, it is...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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This is all kinds of bad idea. What if you lose your job and can't pay? Does your brother evict you? and what if your brother has money issues and instead of paying the mortgage he pockets the money...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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The odds of money and family not ending well is way more then an asteroid hitting. Please use some common sense or just leave the talking to the adults.
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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i cant say with 100% certainty that it will work out perfectly. however...
worse case scenario i live there a few years, my family falls apart and im out 1-2 years worth of payments (not much...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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I want to buy my brother's rental house. He owes $42k to the bank (about what the house is worth give or take 2k). His payments are $500/month. I want to move in and pay him the $500/month and...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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I will be paying him $550/month which covers the payment and property tax. I will also pay for all maintenance out of my pocket.
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Whatever you do, get the contract written by an attorney, so it's done right, and you won't have any issues with the bank. If you put money down, and if 100% of your "rent" goes towards the payments,...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Don't do business with family.
Don't do business with family.
Don't do business with family.
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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:iagree:
Essentially what you're wanting to do is rent to buy while subletting to yet another renter. :lol:
Another option could be to rent from him for a few years, then find another renter...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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What benifit is there to him by doing 100% towards payments. He gets his mortage paid (for now) but has to incure maintenance costs on the house. If his mortgage is 500/month you should pay at least...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Ok. Thanks this make sense. So if we have a legal contract that says 100% of my rent goes toward the future option to buy the house, than in say 5 years I can exercise my option to buy the house...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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Can't get a mortgage.
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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thanks for the info....it got me goggling and i found "subject-to" deals...apparently the title goes into the buyers name and the seller is still responsible for the loan. seems like the odds of the...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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So, what happens in a couple of years when you move out and you have your own renters, and they do the same crap to you? if a renter doesn't pay you, do you still pay your brother so he can pay the...
How can I buy brother's house...owner financing? He still owes the bank..
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Thread created 01-10-2013 by niceperson77
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He has had some bad experiences with renters not paying, moving out after a year or two (losing a month or two of rent until new renters are found) and renters damaging the property/bringing in pets....
