Profile picture for user8392164

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?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 24 2012 - Richton
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Your question is mising, what is the issue at hand?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2012
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2012
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?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2012
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?



  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 24 2012
 
Related Questions
How to get enough money to do improvments whenbuying??
Profile picture for Maria Avellaneda
Latest answer by Maria Avellaneda
May 25 2012 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 96 Lyon Ranch Rd, Ellisville, MS Home For Sale
    96 Lyon Ranch Rd, Ellisville, MS 39437

     For Sale: $67,000

    • Beds: 3
    • Sqft: 2050
    • Baths: 2.0
    • Lot: 4356
  2. 262 Pumping Station Rd, Petal, MS Home For Sale
    262 Pumping Station Rd, Petal, MS 39465

     For Sale: $74,900

    • Beds: 3
    • Sqft: 1045
    • Baths: 2.0
    • Lot: 1559448
  3. John Crocker Loop Rd, Ovett, MS Home For Sale
    John Crocker Loop Rd, Ovett, MS 39464

     For Sale: $121,900

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --