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real estate
investing
landlords
landlord
borrowing
lending
mortgages
foreclosure
loan
houses
house
apartment
financing
loans
buying a house
foreclosures
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So I have this little situation, My mon is retiring to our home country. Her house is paid off , she doesn’t want to sell it to a stranger or put it on the market . The house currently worth around 320k. Because im her son she offer to sell the house to me for 280k so she has some money to go back to our country but also when she wants to come back to visit the USA she will have so place to stay.
So I went to a agent a she told me on my face that my mother couldn’t sell me the house for that amount because it will hurt the market around her area?
You don't need to talk to an agent.
Have a real estate attorney draw up the transaction papers and she can sell it to you for any price that she wants that you two agree on.
So If I go to an attorney to draw up the transaction paper, I can take those paper to a bank so they can approve me the loan to buy the property? …. My plan is to rent the property…
If I am understanding you the agent is opposed to the sale because it will be too low, however you don't need an agents permission to under price your property.
That agent is a dumbass. And you don't really need a realtor for this, a real estate lawyer will do the trick just fine.
That Agent is an idiot because an appraiser would not consider your transaction because it is not arm’s-length, meaning between two unrelated people.
Call a local title company and speak with an attorney who can draw up the paperwork for you.
Even if he could, what a stupid (and untrue) thing for the realtor to say. The agent is either lying or an idiot.
arm’s-length, meaning between two unrelated people
I had no idea that was what an arm's-length transaction was until just now. Good to know!
Like everyone is saying, have a lawyer draw up the papers. Skip any realtor involvement and you’ll save the 6% selling commission.
You can buy it direct from your mom.
Thank you for your answers::: so my plan now is to get pre approved for the mortgage, hire a real state attorney to draw the paperwork buy the house and rent it ….. is it a good plan?
It is, but that you plan on renting it has a few wrinkles. Income/investment property typically requires at least 20% down and is at a much higher interest rate than an owner occupied mortgage.
And if you have this rented, where is mom going to stay if she comes to visit?
Can you rent your current home and live in this one for a period? If so, you'll get much better loan terms and may also have positive tax implications
Some really good comments here already. One more detail: if your mom sells to you under market value, it's considered "gift equity". A competent Real Estate attorney will bring this up but you can also consult a CPA or tax pro yo see if there will be any tax implications if they gift exceeds a certain amount. I've rented a home both basement and upper floor, just be sure to check local code and ordinances, a neighbor reported me and I had to settle things out with the county since I wasn't allowed to do that. Live and learn.
Why are you even talking to a realtor???? You don't need one.
I purchased a home owned by family in 2020 at a MUCH lower price than the comps. So what?????
I'm holding on to this home for my kids since there may not be much available when they're ready to buy.
Screw that realtor & if you need advice on the purchase, contact a REAL ESTATE ATTORNEY. An attorney will charge a fee but it's MUCH less than what the realtor would get.
You don’t need an agent. Agents help you find a house to buy. You’ve already found it. All you need is a mortgage broker and a real estate attorney.
What a dumb realtor... For comps, this would be a non arms length transaction so it wouldn't depress values. I often see family transaction with a nominal $10.
That agent like most other agent just cares about their pocket. Get a lawyer, cost you few hundred dollars; to do a contract and go from there.
That agent cost themselves $8k by doing this shit, hope its worth it in the long run
In addition to all the good advice already given, check with a tax professional. There may a 'gift of equity' tax to be paid. It's complicated and it may not apply, but you want to be prepared before you file your annual taxes.
The RE agent you spoke to is full of shit. This type of transaction will be excluded from consideration for valuation purposes. The property assessor will code it a ”related party” transaction. I would be more concerned about the tax implication such a sale would attract. In theory the discount off the market price your mother is giving you is a gift.
Who cares about the market. Your mom can sell it to you for whatever she wants. Stay away from that agent.

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