(Closed) Negotiating purchasing a house…with his family. ADVICE NEEDED!

posted 6 years ago in Home
Post # 3
Member
106 posts
Blushing bee
  • Wedding: June 2012

I would let both your FI’s mother and uncle know that you are interested in the house, and agree on an apraiser together. Idk how the Will was worded, but more than likely it will need to be apraised anyway in dividing your FI’s grandfathers estate. you’ll also have to talk to the bank and see what you can get approved for morgage wise and see if the apraised value is in your budget!

Good luck!!!!

Post # 4
Member
46452 posts
Honey Beekeeper
  • Wedding: November 1999

Treat the possible purchase the same way you would any other house. Get an appraisal, make the purchase conditional on  a home inspection etc etc.

Post # 4
Member
46452 posts
Honey Beekeeper
  • Wedding: November 1999

Treat the possible purchase the same way you would any other house. Get an appraisal, make the purchase conditional on  a home inspection etc etc.

Post # 4
Member
2232 posts
Buzzing bee
  • Wedding: September 2012

Definitely get it appraised like you mentioned (it may already have been, many times houses left in an estate get appraised). Also get pre-approved as the PP said. 

I would look at comparables in your area. You will have to find what the sold price is not just the list price to make a fair comparison (trulia.com has recent solds). It’s best to go into the conversation knowing as much as you can!

I would let them steer the conversation, as in have them tell you what they are expecting first before you offer X amount. 

Post # 4
Member
6661 posts
Bee Keeper
  • Wedding: May 2010

Who now owns the house – is it just your FH’s parents or are there other siblings/relatives as owners? If it’s just his parents, then the situation could potentially be much easier because less people have to get paid from the sale of the house.

Either way though, I would approach it in somewhat of a business like fashion. Tell them you’re interested in buying the house, but will be working through a realtor and expect it to go just like you were buying any other house with the inspection, etc. I think it would help to mention that you aren’t set on that house and will be looking at others as well just to make sure you’re making the best decision. That way they won’t feel so pressured to give you some kind of huge deal or sell earlier than they were ready to.

Post # 4
Member
1116 posts
Bumble bee
  • Wedding: August 2008

My husbands family has done multiple real estate transactions between family members.  The key is really approaching things objectively and fairly.  Leave emotions or outside necessities out of it.  Get the appraisal, and possibly a home inspection (to see if there are any impending repairs that should be factored into the value), and determine a price that is fair for the property.  If you can afford that price, great, if not, you’ll find something else.  Nobody should feel obligated to pay more or accept less because someone needs the money or can’t afford the fair price.  That’s a classic way for someone to feel resentful as time goes on.

For example, my SIL sold her home to her other sisters when she got married.  SIL had purchased the house for more than it was now worth, but they determined a price based on fair market value, even though it meant SIL had to take a financial hit on the house.  But the upside is that there’s no relator fees – you can just do a title and financial transfer – so that helps save $$ for the seller.

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