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mbrown3211 · Joined: 13 Oct 2009 Posts: 1 1.30 Dollars($)

my brother is concerned about going into a nursing home within the next 5 years and wants to sell me his house which we live now. we are looking for the simpliest way to do this.

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

Shouldn't be too hard - once you decide on a fair price, go find a solicitor and it should be a simple sale/purchase.

you will probably need to pay a little in legal fees but not much.

jenkin7 · Posted: Tue Oct 13, 2009 10:58 pm Post subject:

Hi mbrown,

You can definitely buy the property from your brother. The purchase has to be made at a fair market value. Otherwise, it will be considered as an arm's length transaction. If there is an existing mortgage on the property, you will have to pay off the loan. If the loan is assumable, you can also assume the loan from your brother and take over the responsibility of the mortgage payments.

jveenstra · Posted: Wed Oct 14, 2009 8:34 am Post subject: Buy From Brother

Assuming you have a credit score of 620 or higher and assuming you have income to qualify for a mortgage, you can purchase the house from your brother without spending any money out of pocket.

You get a mortgage and a gift of equity for the down payment and you get a seller concession to pay the closing costs.

There needs to be enough equity in the property based on the purchase price and the appraised value to pay off the existing mortgage to do this.

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purchase my brothers house