Legal Question in Real Estate Law in Washington
Home purchase
Father in law bought a 190K house for us with 80K down , his name is on conventional 30 yr., we pay mortgage co. He wants to now sell us house for 150K-mortgage is for 110K ,Is there a way for us to buy without a down? Or transfer ownership?? Thanks!
1 Answer from Attorneys
Re: Home purchase
In short, I don't see how it would be possible to transfer ownership and put it into your name without you obtaining a new loan in your name, since the mortgage holder will not relinquish their interest, nor will they allow you to take over the loan without you qualifying for the loan first.
You can do this without a down payment, provided that 1) you qualify for 100% financing and 2) there is enough equity in the property to make this worth a bank's while, but that's a topic more suited for a mortgage broker to answer than lawyers.
Best of luck.
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