Legal Question in Real Estate Law in Tennessee

Real estate

I am considering the purchase of my in-laws' house and property. House and property have an outstanding mortgage of approx $100K - which would be the price I buy them. But fair market value is approx $250K. What are the implications?


Asked on 1/24/07, 10:52 am

1 Answer from Attorneys
Zedrick Braden III Ainsworth & Associates PC

Re: Real estate

Hello. If your in-laws will sell you their home for $100K and its worth $250k, that's a great deal. However, all of the mortgage documents, if you are getting a mortgage, should reflect the true appraised value of the house. As long as full disclosure is made to all, you should be fine, in my opinion. Will be happy to discuss this further and in more detail. I hope my comments have been helpful to you.

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Answered on 1/29/07, 8:40 pm


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