Here's the scenerio:
My husband and my mother bought a house for $183,000. The house is valued at $200,000 today. When they purchased the house, it was only put in my mother's name, but we split everything 50/50. My mother wants to sell the house to us entirely so it'll be in our names only. Here's where it gets tricky. She wants to sell it to us for cheaper than it's worth, so we'll have a low mortgage payment each month. Is she allowed to sell the house for whatever value she wants, or does she have a limit to what she can knock the price down to?
She would like to sell it to us for $100,000. Is this possible? And would she profit $100,000 off the sale and would this money go into an escrow account so she could use towards the purchase of a new house?
2007-06-21
05:27:11
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9 answers
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asked by
Bell
1
in
Renting & Real Estate