If Grandmas house will appraise ...

Wed, 01 Jul 2009 00:49:00 GMT

If Grandmas house will appraise for $342K, just buy it at that price and have the seller (your mom) give you 20K back at closing for "repairs/updates" if the loan will allow that. It's easier than trying to get a loan over the contract amount. Be careful about telling the bank that is what you are really doing or they may not allow it. Grandma's houses always need updating so it should fly. Use the 17K from the 401K to pay your 3.5% down for an FHA loan and your closing costs. Plan to sell the condo ASAP using the money you got back in escrow to pay off whatever is left owed to the bank. Do not put your husband on the house. You have no equity together and this is a family property. His credit is bad and your mother is on the line. Keep it separate or you may lose the house down the line along with your credit if anything goes south.

Zestimate of $342 is useless ...

Wed, 01 Jul 2009 04:28:00 GMT

Zestimate of $342 is useless for this transaction and most others. You need to know what the properties current market value is and a local realtor will prepare you a c.m.a., likely for a small fee. Financially speaking you probably shouldn't buy this house(opinion), do you have a financial planner? Have you spoken to a lender yet?

Zillow Advice: Buying Process - This is kinda confusing! Have condo about 20k upside down, looking to buy grandmas house...

If Grandmas house will appraise ...

Zestimate of $342 is useless ...