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Help! Need advise/expertise

My mother owes $30,000 on her mortgage. She needs a lot of repairs on the home and the only way any of it will get done is to get a loan. She doesn't have very good credit so that is out of the question. I was wondering if it would be possible to "For Sale by owner" for the amount she still owes and ask for a little extra, possibly $50,000 for the rest and owes and upgrades. I would really like to buy her home to help her out and she is willing but we are lost. I am not even sure a bank would lend that amount of money to purchase a home. If anyone could help with some advice, I would appreciate it. Oh and we looked into grants but she doesn't qualify.
Thanks in advance!
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June 04 2012 - Denver
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Answers (6)

I would get an idea of value first.  Call a couple of realtors and tell them your mom is thinking of selling and that you would like a cma of her property.  To get a loan for your mom to fix repairs she will need an idea of value anyway. 
Where would your mom go if you bought the home. 
Rent will probably be higher so make sure you know the facts and her income fits int hat budget.
If You buy the home it has to pass certain guidelines.  FHA requires everything to be working, roof to have so many years of life left, no peeling paint and may require other repairs. FHA 203K would an option for you if there are repairs that won't pass.  A lender could talk to you about if your interested and want to pursue further.
In our area $50,000 is about the minimum a lender will go on a home loan. 
Reverse mortgages can be an option but if you use it you can't refinance for repairs,  Know your facts and weigh this decision cautiously. 
Good luck
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June 05 2012
First of all, as other responders have mentioned identify what her goals are.  Then come back to us with the goals.  Meanwhile I have a few questions:  how old is your Mom, is she employed, do you have an idea of themarket value of your Mom's property?  The more information we have the better we can help you.
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June 04 2012

I agree with all the posts,depending on WHAT is your objective? What is the home worth? Does she want to sell or stay? Doing a For Sale by owner is if she wants to sell.Knowing what the house is worth is a help,as it may be that the house is worth 100,000 and she only owes 30,000.Then there are costs to sell.You might still have an agent swing by with her buyer and for the Buyer's agent they will ask 3%.
You need someone to guide you on value,and then what is your game plan in selling.If you really want to keep the home ,then you would find a lender and get prequalifed to see if you can purhcase the home for your Mom.I agree the 203K Mtg is AWESOME for someone who wants a home need to repair.I agree it is not for an investor,so you need to be on the title as an owner/occupier.Depending on how much money Mom has in reserves,savings,retirement,income,the reverse mtg purchase is another option.Only if this is all she has and her income is not the issue,that see what you can do to either sell the home or buy it for her ,depending on which scenario is a better option.Best of Luck

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June 04 2012
If you are going to buy the property, you might want to consider an FHA 203K loan, where the lender loans the money necessary to renovate the property. It is not available to investors, but if you are going to reside in the property or if you are buying the home for your Mom to reside there, you could qualify. I am a realtor, and I sold a house recently where the buyer used the 203K loan.
Vicki Porter 
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June 04 2012
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Have you looked at doing a reverse mtg for your mom? Her credit score won't matter. There are no payments so the FICO is irrelevant. If she is over 62 and has enough equity in her home she can reverse it. The title stays in her name, we can usually get the repairs done with the loan too.
Depends on her over all goals to know whether the reverse mtg is a good plan for her.
You are welcome to call and ask questions, Teri [phone number deleted by Zillow moderator. pLease see our Good Neighbor Policy]
 

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June 04 2012
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Do you know the current market value of the home?

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June 04 2012
 
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