He has looked into buying the home himself. The agent has told him that he may be able to get a "gift of equity". They have lowered the cost of the home and the "gift of equity" is supossed to be $20,000. His question is that if he buys the home and takes the "gift" does that mean that the $20,000 goes to his sister? Or does that mean that he will have to take $20,000 out of his share of the inheritance to give his sister? Any info on this will be greatly appreciated.
2007-08-23 04:47:38 · 2 answers · asked by Jenni 1 in Business & Finance ➔ Renting & Real Estate
Is there still a mortgage on the house and how much? Now have the house appraised. How much is that? Take the difference Divide it in 2 and thats what he needs to pay his sister. and obviously he would take on the mortgage.
2007-08-23 06:03:44 · answer #1 · answered by Anonymous · 1⤊ 0⤋
where would this 'gift' come from?
[nowhere that i've ever heard of.]
what is sure is that the agent will get his fee based on the most recent offering price as posted in MLS.
if i read you correctly, there are two heirs, your bf and his sister.
the estate must pay its debts first, including the costs of administration. The proceeds from the sale of the house may or may not be required to do this.
He then splits the remainder with his sister.
If the mortgage he is able to get is enough to cover his sister's share plus any debts that have to come from the proceeds, she will be paid in full. If the mortgage isn't enough, then he'll owe his sister for the shortfall.
does this help?
2007-08-23 11:55:54 · answer #2 · answered by Spock (rhp) 7 · 0⤊ 0⤋