All Forum Posts by: Cory VIgnes

There are no other siblings involved

Parents are looking to build a house elsewhere.

I’d like to have the cash/equity to make renovations to the home. With that in mind, are there better option to obtain the money/loan to make those renovations aside from equity/cash equivalents.

I am single, and do not currently own any real estate.

I’m faced with the ability to purchase a home (valued at $180,000) from my parents who currently owe approximately $100,000. They’ve generously offered to sell the residence for the amount that they owe at the time of sale.

I am vaguely familiar with equity gifts and the potential taxes one would face.

I am exploring These options, but I’m not soundly familiar with them 

quitclaim deed

Mortgage for $100,000 

Mortgage for full value of the house, allowing them to gift the equity over the next few years to not exceed the exempt gift amount

Are there other options I haven’t explored?

I have Been pre-approved for the full value of the house.

I am single, and do not currently own any real estate.

I’m faced with the ability to purchase a home (valued at $180,000) from my parents who currently owe approximately $100,000. They’ve generously offered to sell the residence for the amount that they owe at the time of sale.

I am vaguely familiar with equity gifts and the potential taxes one would face.

I am exploring These options, but I’m not soundly familiar with them 

quitclaim deed

Mortgage for $100,000 

Mortgage for full value of the house, allowing them to gift the equity over the next few years to not exceed the exempt gift amount

Are there other options I haven’t explored?

I have Been pre-approved for the full value of the house.