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Profile picture for GreatapeelsFundraising

I want to buy my parents house but...

I want to buy my parents house for 98000 its worth 220k and we ar all in agreement-I have a 790 cred
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September 11 2012 - US
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Profile picture for GreatapeelsFundraising
Thanks so much for the advice-Could you direct me to a national lender you believe would be a good choice?
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September 12 2012

This sounds like a no brainer.  Congratulations.  Please keep in mind this is what is classified and a "Non-Arm's length" transaction.  What that means to you is that your lender will have additional items that will need to be satisfied. i.e. additional Appraisal Review, thorough income review, 4506 (tax transcript review). Etc.

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September 11 2012
Profile picture for wetdawgs
Your question is?  

Please be aware that your parents will likely be liable for gift taxes for the difference between fair market value and your purchase price.   They will need to meet with an account/tax attorney to make sure they do this properly.

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September 11 2012
 
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