buying house from parents

Discussion in 'Real Estate' started by danielyp29, Dec 10, 2018.

  1. buf87

    buf87 Well-Known Member

    Dec 15, 2010
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    I have no hate for my siblings. But money does strange things to people. If it is legally spelled out and your parents & you are good with it, go for it. My parents did discuss it with my brothers and sisters and none of them were going to farm, so they were actually happy I was buying the homeplace
     
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  2. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    Doesn’t matter either way. We built our house and a lot happened during planting. We lived in a different town. I was asked to show up one day (I stayed away a lot so I wouldn’t micromanage it) to go over stuff. I walk in and find the wife’s brother wandering around the house. I knew he would be over bearing then.
     
  3. ripvdub

    ripvdub Well-Known Member

    Mar 20, 2006
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    If they Have lived there a while, def. get an inspection. Won't be worth the "deal" if it's an old money pit.

    Who cares what any one else in the family thinks.
     
  4. cdekovic

    cdekovic Well-Known Member

    Mar 25, 2006
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    I’ve never understood why someone would pay for something that they will eventually get for free.
     
  5. Sparkplug

    Sparkplug Well-Known Member
    SuperFanatic SuperFanatic T2

    Oct 9, 2008
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    Farmer
    Central Iowa
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    If parents are selling on contract, the will could be worded that upon death the contract is considered paid in full
     
  6. CtownCyclone

    CtownCyclone Loves a rainy night
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    Jan 20, 2010
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    What impact will that have on the price of softballs, though?
     
  7. mtowncyclone13

    mtowncyclone13 Well-Known Member
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    Oct 10, 2012
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    Because that money will go back into the estate which they'll get anyway.
     
  8. cdekovic

    cdekovic Well-Known Member

    Mar 25, 2006
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    Perhaps...point is, a lot of questions need to be answered. Are the parents down sizing? Moving to an apartment? Donating the proceeds to the church. Traveling the world? Not an easy decision.
     
  9. danielyp29

    danielyp29 Active Member

    Jan 3, 2011
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    my parents had been thinking about moving to a townhouse for few years. If they decide to move and we're not interested, they'd just list it on the market. My wife and I are currently renting and looking to purchase our first home, but it seems like a lot of houses in the price range we're looking at needs a lot of work. My parents' house (with the down payment/equity help) would be in our range and wouldn't need as much work as others we've checked out. Since there's a good chance they'll move and sell the house anyway, and we're looking to buy a house, this seemed like an option worth looking into.
     
  10. RealisticCy

    RealisticCy Active Member

    Nov 2, 2014
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    Greed does funny things to people, family or not. My mom has two older brothers, entire family had great relationships until grandpa died and one brother produced a document that he essentially tricked grandpa into signing that transferred about $750,000 worth of land to him. Other brother must've seen an opportunity, because after that he strong armed grandma into changing her will to give him around 95% or her estate. Nobody knew about it until grandma died, her most recent will before he got involved split things 50/50 and left out the first brother.....legal process is currently heading into year 3.

    I don't understand it either, but it only takes one upset/offended/entitled person to screw up a family. In our case, I guess two....
     
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  11. VeloClone

    VeloClone Well-Known Member

    Jan 19, 2010
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    Always change the locks to the house you buy whether you buy it from a stranger or someone you know even if you go through a realtor. You never know who has a key. In addition to the former owner there are relatives, ex-spouses, neighbors and even service providers.
     
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  12. Psyclone

    Psyclone Active Member

    Mar 18, 2006
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    Retired Engineer
    Oakland>Ames>Cedar Rapids
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    When my father passed away his house was left to the three sons. Two of us that no longer lived near the town, let the younger son have the house with no strings attached. I don't remember the details, maybe we had some kind of $1 transaction or something to allow him to have the house free and clear. The younger one wasn't as well off as the other two of us. Us older brothers didn't want to mess with it. The younger one deserved it because living near dad in his final days, he had to deal with more of his aging issues.
     
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