buying a home from a relative

What is the name of your state? MN

My wife's grandmother wants to sell us a house for less than what it's worth, but she can't because we're relatives. Her idea is to have the contract for deed written up for what the property is worth, we pay less than that, but have it on paper we paid the full amount. I don't know about this, I really appreciate any advice.

[HomeGuru]

[quote]Originally posted by atorger
[b]What is the name of your state? MN

My wife's grandmother wants to sell us a house for less than what it's worth, but she can't because we're relatives.

**A: and who told you that. She can sell it for $1 or even give it away free.

***********
Her idea is to have the contract for deed written up for what the property is worth, we pay less than that, but have it on paper we paid the full amount. I don't know about this, I really appreciate any advice.

**A: talk to a real estate attorney who should be familiar with mortgage due on sale clauses and tax implications.

Thanks! We heard that it would be an illegal transefer if it was sold to us for less than value because we're related.

[HomeGuru]

Originally posted by atorger
Thanks! We heard that it would be an illegal transefer if it was sold to us for less than value because we're related.

**A: and I asked who told you that. Was this person a real estate attorney, a real estate broker, CPA????????

a social service worker told my wife's grandmother that, and the lawyer apparently agreed.

So there's a hell of a lot more to this story than you've put here and I know it's going to be relevant. So, why don't you explain granny's situation and why she would sell the house for less than market value.

[HomeGuru]

I already have an idea of the reason but let's hear it.

We currently live in NY State. My wife's grandmother owns a house in Pennsylvania. My wife is already on the deed as a co-owner. We are going to "buy" the house from her grandmother. What is the minimum price we can pay her for it in order to have the lowest tax liability after taking ownership?

[HomeGuru]

Originally Posted by local8

We currently live in NY State. My wife's grandmother owns a house in Pennsylvania. My wife is already on the deed as a co-owner. We are going to "buy" the house from her grandmother. What is the minimum price we can pay her for it in order to have the lowest tax liability after taking ownership?

**A: please start your own thread rather than hijacking someone else's.

Originally Posted by HomeGuru

**A: please start your own thread rather than hijacking someone else's.

Sorry - I have been on other forums where they get upset if you start a new thread on a topic already on the forum. Did not realize the "rules" of this forum. I have started a new thread. Thank you.

[HomeGuru]

ok****************************..