I have enough equity in my house to buy another. A member of the family is in the throes of a divorce settlement, but has been offered a house from someone we know well for a good price. The sellers house has been vacant since his mum moved into a home, and now wants to sell as he has to start paying council tax on it.
Could we buy the house, and sell it to our family member when his divorce clears and get him to pay all the costs eg legals, survey, mortgage arrangement fee, MRI, and monthly mortgage costs as they come along?
We would then sell to him at the exact fee we paid for it, and any extra costs are incurred to him.
Thanks in advance
The cost of the house would be 70k purchase.
2007-10-02 01:01:03 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
will he sign a promisory note or something to say that he will pay that purchase price when the time comes?
2007-10-02 01:10:16 · answer #1 · answered by Aloha_Ann 7 · 0⤊ 0⤋
Enter into a short term lease. When the divorce goes through, sell to the tenant at the current market price.
If he decides not to divorce, you can still sell on the open market.
Don't enter into any agreement which promises to sell in the future. It will bite you in the rs
2007-10-02 08:36:51 · answer #2 · answered by BRIAN S 3 · 0⤊ 0⤋
Why doesn't he just buy it after the divorce?
When family and investments get involved, that's a sure way to wind up with someone getting screwed over.
In today's market he might not be able to get a loan - then what do you do with this property? NEVER mix family and business.
If he wants the house, let him buy it himself.
2007-10-02 01:44:30 · answer #3 · answered by Roland'sMommy 6 · 0⤊ 0⤋
Don't see any reason why not, come to an arrangement with your family and see how he/she feels about it.
Ken
2007-10-02 01:11:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋