can i buy my parents foreclosed home

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People also ask

  • How can I buy a house from my parents?

  • There are several ways to buy a house from your parents. You can buy your parents鈥?house as you would any other property, by taking out a mortgage for the cost of the home (minus your down payment). Although you鈥檙e buying from family, the homebuying process will look the same as buying from a stranger.

  • Is it bad to buy a foreclosed house?

  • Buying a foreclosed home is riskier than buying a home that鈥檚 owner-occupied. Some of the drawbacks to buying a foreclosed property include: Increased maintenance concerns: Homeowners have no incentive to maintain the home鈥檚 condition when they know they鈥檙e going to lose their property to foreclosure.

  • What happens if your parents sell the house you own?

  • For instance, if your parents sell the house and don鈥檛 buy another, they might have to pay capital gains taxes (unless they qualify for an exemption). If your parents hold the mortgage for you, they will have to count the payments as income.

  • Can a son or daughter buy a property from their parents?

  • In many cases, we deal with clients whose parents are yet to pay off the mortgage on their home. The son or daughter may well have inherited the property anyway so they usually agree to purchase the property and allow their parents to remain in the property at a reduced rent. Buy a property below market value today!

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