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non-arms length transations

Profile picture for imsalinas
hello...
my parents want to move to the carolinas and leave the townhouse in Virginia for me. i would like to put the title and assume the mortgage (i have excellent credit and almost $10k saved).  all the banks keep telling me that i have to pay closing costs and all that real-estate fees.  
does anyone know how i can go about doing this transaction without having to pay closing costs, appraisals, etc.  i've lived in this home all my life and besides... its my parents! 

please help with some advice.  thank you so much. 
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1Yes

December 15 2011 - Fairfax
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Profile picture for Zilluminati
If your parents are financially able to carry two mortgages, they could buy their new house in the Carolinas, and put your name on the deed for the VA town-home. The holder of the mortgage is unlikely to care as long as the payments are made. To detach your parents from the Mortgage on the VA home, you will have to get a new Mortgage, and costs will be incurred. They can, essentially  be rolled into the new loan. There are several ways to accomplish your goal.

Where, in the Carolinas, are your parents looking to move?

I'm in the Carolinas, and am familiar with several great areas. Feel free to contact me through my profile info, if I can assist you in any way.
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1Yes

December 15 2011
Profile picture for GreatRateFolks
Hamp hit the nail on the head unless Mom and Dad have an FHA loan OR a really OLD standard loan, like before 93 or so if memory serves. FHA loans are assumable still...but you would have to qualify in most cases.

Regards and Happy Holidays...Jim
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1Yes

December 15 2011
 
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Discussionnon-arms length transations
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