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How to get enough money to do improvments whenbuying??

My in-laws are downsizing so we want to buy their home and they buy ours. The home is valued at 200k but they only owe 48k.  we want to use the 152k to payoff our mortgage which is 22k and use 130 for repairs and renovation?
  • May 24 2012 - Richton
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Answers (4)

Your question is mising, what is the issue at hand?
  • May 25 2012
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Are you buying their home for what is owed and then getting an equity line of credit? Your scenario does not make sense to me.
  • May 25 2012
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Profile picture for nwhome.us
Forget the equity for the moment and forget that they are your in-laws.

What do the two homes APPRAISE for?  That is, what will a 3rd party professional appraiser value the homes at?  This is the value that a lender will use.

Which home has the greater appraised value?
  • May 25 2012
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Profile picture for wetdawgs
I'm a bit confuddled.  The bits my brain is wondering about that are missing from your scenario:


a.  How much equity in your current home (the one where you use $22 k).

b.  Are your in laws giving you their home and you giving them yours (minus the mortgage bit)?   In the text you said "buy".   I'm not sure how the $152 k becomes instant equity.

c.  How does the $48 k get paid?



  • May 24 2012
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