All Forum Posts by: Account Closed

The house is in good condition and just over 12 years old. I plan to move on this right away, just trying to get some advice on whether or not my family can sell me the house below market price without penalty.

While searching for my first investment rental, a family member offered to sell me their home (single family) for the amount of their remaining mortgage which is roughly 200,000. The home value has been assesed at 322,000. I would treat this as my primary residence. I have 60-80k to put down.

I was hoping to get some advice about how to do this deal. Can i legally buy the house for 100,000 less than the assessed value? I have read that if a home is sold too far below the assesed value, it can trigger fees for the seller which i also don't want to do.

This is a great opportunity for me and would like to move on it asap. Thanks?

Thanks Hai and Sara. I have started the process already, seems to be working out. I will keep everyone posted when I either succeed or hit my next wall. Thanks again!

Hi Everyone?

Thanks for the feedback. Knowing that I can take care of everyone purchase-related from abroad will enable me to get started right away.  My family lives in Baltimore and so should be able to assist with some of the hands on work, at least with my first property.

As I build my portfolio, it seems necessary to find a good PM to help with rental and maintenance in my absence.

I'm sure I will have a ton of questions as I get farther along in the process. Thanks again for your help!

Omar

I am preparing to buy my first property but currently live and work outside of the country. I am buying the property from a family member, so have a complete understanding of the history, repairs and condition of the property. How much of the buying process can I complete remotely? Can I get preapproved for a loan without sitting face to face with a lender? Is it possible to sign and fax/email/Fed Ex legal paperwork? What about electronic signatures and video conferencing?

I live and work in China. Travel back and forth to Baltimore is both time consuming and expensive. The more I can do from abroad, the better. Any advice would be greatly appreciated!