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Selling home for less than it's worth

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Willowisp

Junior Member
What is the name of your state (only U.S. law)? New Jersey
HELLO wHAT IS THE LEGAL CRITERIA FOR SELLING A PAID UP HOUSE TO OUR DAUGHTER? WE NEED A RATHER LARGE SUM OF MONEY AND DO NOT WANT TO TAKE OUT A MORTGAGE IN THIS ECONOMY. OUR DAUGHTER HAS THE MEANS TO LEND THIS AMOUNT TO US. RATHER THAN MAKE A LOAN CAN WE LEGALLY SELL HER THE HOUSE FOR THE MONEY WE NEED?.WE WOULD REMAIN IN THE HOUSE UNTIL ONE OF US DIED AND THE REMAINING PARENT WAS TO LIVE ELSEWHERE WITH ANOTHER CHILD.OUR HOME IS VALUED AT $250K CAN WE SELL IT TO HER FOR 50K...
 


FarmerJ

Senior Member
Use of all capped letters in internet forums is considered yelling & rude. When you reply make sure your cap lock is not set to on position. Are you sure the house is worth 250K ? its possible that it might not be ( what does the county say its worth for taxation purposes ? ) IF the house is sold for too little and the parents later on have to go to the govt for medical assistance fair odds are that the purchase would be challenged if it was that low. It would be worth talking to a elder law atty about other options such as if the home is currently debt free how selling it on a contract for deed over a many year period at a more realistic price to a family member would impact possible future medical need. OR if a sort of reverse mortgage could be set up with a family member funding it. BUT it is still something that a atty with elder law experiance can give the best possible advice on.
 

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