· 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.
I’m not sure if it’s different for every state, but where I live, you can buy your parent’s house for "fair market value", and be fine, but if your parents want to transfer the deed to your name, with an exchange of say 10 dollars, and they would have living rights, it would have to be in ‘your’ name for five years, otherwise, if either of them would have ti go to a NH, the state can still.
Buying under market value. When you’re considering buying a property below market and it’s not from your parents, it’s important to do some research before you purchase. Some sellers need a quick sale for genuine reasons while others may be selling the property where there have been problems with the house.
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Buying my parents house UNDER market value. House Buying, Renting & Selling. Buying my parents house UNDER market value. 5th Jan 08 at 7:41 AM #1 ;. We only sold at below market value because we DID want to move and that was what they could afford.
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· Answer: There is no legal reason why you cannot buy your parents’ house at less than the market value. As you have rightly identified, you have to pay them sufficient to redeem the mortgage. Do remember that with these mortgages, the interest is rolled up – so it is important to obtain an up-to-date figure, which may be more than you expect.