buying parents house under market value

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What are the tax implications of buying a house off my father at below market value?. for it less the probate value.This is because it comes under the rules of sale for connected parties and.

Because the water can be so easily muddied with family or friend transactions, lenders want to ensure both the buyer and seller are acting in their own self-interest (not under any duress), are agreeing on a price that is close to the market value and aren’t engaging in mortgage fraud, including misrepresentation, straw buyers, inflated.

Advice on buying Parents house under value 3rd May 10 at 6:16 PM #1 Hi, My Wife and I want to sell our 2 bed house, in which we have around 55k equity, in order to buy my parents 3 bedroom house for us to live in, which is valued at around 130k.

In 2011, after the bottom fell out of the Miami real estate market. increased value isn’t going to help me, because you can’t even find a house for $300,000 now, and even those are [shabby] houses.

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If you are buying a property from your mother or father under market value, lenders know this is a concessionary purchase. If you are contributing deposit from your own funds in the usual way, then this wouldn’t be a concessionary purchase.

How does purchasing under the market value affect a mortgage and down payment? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Instant equity in your property: Depending on how much your parents sell the property to you for, you’ll have equity in your property to use towards another investment property. For example, if your parents sold the property to you for 80% of the market value, you’d have 10% in equity to use for investing.