Profile picture for penny1952

Inherited home

My father recently passed away and his home now belongs to the four daughters. I want to buy out my sisters and own the home myself.  I own a home a mile away. It's  is a double wide manufactured home that is affixed to the land.  What would be the best type of loan to do this?
  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.
September 26 2009 - Northeast
We think we've answered this question for you!
 
 

Replies (3)

This is a little challenging.  First of all, let me extend my deepest sympathy to you in regards to your father's passing. There are a lot of questions that I would need to ask before I can give you a realistic answer.  Is your father's home in a Living Trust or do you have to go through probate?  Will your sisters agee to let you buy the home and deed their rights over to you? Do you intend to sell your home?  This is the basic start point.  I know this is not very helpful, however, this is where your lender will start.  Best regards, Sandra
  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.
September 26 2009
Profile picture for penny1952
Thanks for responding. The house is in a trust, my sisters are ok with me buying them out and no i will not be selling my home for awhile.
I talked to a bank the other day and she suggested a home equity loan because it's paid for.  I'll see what today brings.
  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.
September 28 2009
A HELOC? That is a note that at any point can have a change in terms or become due immediately I thought.

Talk with a lawyer. Are you going to split it on current value? Or on what it was bought for? What do your sister's want? Here's what I would do: First agree on price, and give up other assets to lower what you would owe your sisters. Then I would see what financing is avail. Pls note: If the home is worth 100K and your sisters only want 80K, then the home can get conventional, fixed, financing with 20% down! The equity is 20%, so you will need to put $0 down.

If your dad has cash, you could give up your share of cash, stocks, furniture, etc, to achieve the 20% you need for buying the home. :-)
  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.
September 28 2009
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Inherited home
Profile picture for Terri Linnell
Latest reply by Terri Linnell
September 28 2009 | 3 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. 8820 E Dartmouth St, Mesa, AZ Home For Sale
    8820 E Dartmouth St, Mesa, AZ 85207

     For Sale: $169,900

    • Beds: 3
    • Sqft: 1508
    • Baths: 2.0
    • Lot: 5301
  2. 6837 E Pearl St, Mesa, AZ Home For Sale
    6837 E Pearl St, Mesa, AZ 85207

     For Sale: $294,900

    • Beds: 3
    • Sqft: 1610
    • Baths: 2.0
    • Lot: 6298
  3. 826 E 10th Dr, Mesa, AZ Home For Sale
    826 E 10th Dr, Mesa, AZ 85204

     For Sale: $125,000

    • Beds: 3
    • Sqft: 1148
    • Baths: 1.75
    • Lot: 6360