Okay my parents were helping me build my credit. I bought their house which at the moment is worth 245,000. I bought the home for 120,000 way under market value. The other good thing is, they are still living in the house and paying the mortgage. Am I in a pretty good position or will this turn out to be a nightmare?
2007-09-13 07:44:55 · 8 answers · asked by edawg32 3 in Business & Finance ➔ Renting & Real Estate
Yes I bought the home, the mortgage is in my name, never been late and it will be a full year of mortgage payments.
2007-09-13 08:03:25 · update #1
Only time will tell. You live and learn. At least you're doing something. Trying and failing is better than not trying.
2007-09-13 07:51:49 · answer #1 · answered by pinchhazard 4 · 0⤊ 0⤋
Unless your parents all of a sudden have complete personality changes, you are in a good position. You bought a home for 50% of the value. They are making timely payments They increased your net worth by over $100k.
You should stop by and kiss your parents on a daily basis. Flowers for mom, cigars for dad. Let them know you appreciate them.
Best of luck to you,
Barbara
www.therealestatebirddog.com
2007-09-13 20:41:49 · answer #2 · answered by realestatebirddog4 2 · 0⤊ 0⤋
Yes, you are in a good position; this will help to build very strong credit for yourself. My parents helped me in a similar way when I was first starting out by adding me to a few of their credit cards as an authorized user. The end result was that their credit cards started reflecting on my credit report as well as their own, and since they have never been late in their lives, it pushed my FICO through the roof. In short, my credit report shows that I have had excellent credit longer than I've been alive ;-)
2007-09-13 15:11:21 · answer #3 · answered by Solstice 3 · 0⤊ 0⤋
do they hang things over your head? i think the fact that they let you buy THEIR house for much less than what it's supposedly worth is nice of them. good luck with it all. hope it works out your benefit. bad credit is a nightmare.
2007-09-13 14:53:13 · answer #4 · answered by Brio 5 · 0⤊ 0⤋
Sounds to me like your in a pretty good position. Also extremely spoiled.
2007-09-13 17:10:43 · answer #5 · answered by akc1106 4 · 0⤊ 0⤋
Sounds like a good position to me. You help your parents and they help you.
2007-09-13 14:56:26 · answer #6 · answered by ralph 5 · 1⤊ 0⤋
sounds like a dream situation
2007-09-13 15:11:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
"I bought the home ...."
Is it it in your name?
Are you carrying the morgtage? Did you pay off the old one?
Are they making payments to you?
If all those are "no", then what does this mean?
"I bought the home ...."
??????????????????
2007-09-13 14:56:36 · answer #8 · answered by ed 7 · 0⤊ 1⤋