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quitclaim and home equity or buy outright and mortgage

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kwehling Joined: 01 Sep 2008 Posts: 2 2.03 Dollars($)	Posted: Mon Sep 01, 2008 4:11 pm    Post subject: quitclaim and home equity or buy outright and mortgage Like 0 Dislike 0 My husband and I are buying a house that belonged to his grandmother in the state of NY. Now that she has passed the house belongs to her 4 children. We were wondering if there are any advantages to doing a quitclaim deed and then obtaining a home equity loan to pay them the agreed upon amount. Or should we go the traditional route of buying the house and paying them with a mortgage. Currently, there is no mortgage on the house. They are all alright and trust us to pay them even though they would be technically signing over rights prior to receiving money.
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Mon Sep 01, 2008 9:59 pm    Post subject: RE: buying with a mortgage Like 0 Dislike 0 Hi kwehling, Welcome to forums. I think you should go for a mortgage in order to buy the home. But what I didn't get is, do you want to pay the other heirs their share of interest in property using the same mortgage loan? It's good that the others have agreed to sign over their rights prior to receiving money. But if you'd like to pay them and you don't get a mortgage sufficient enough, then you may have to take out an equity loan. However, see that you can afford both the loans. Thanks
kwehling Joined: 01 Sep 2008 Posts: 2 2.03 Dollars($)	Posted: Tue Sep 02, 2008 9:44 am    Post subject: re: quitclaim Like 0 Dislike 0 The family is asking far less than the assessed value of the house. We wanted to take out 60,000. $40,000 would go to the family and $20,000 would go towards renovations. At this amount the loan would still be less than the mortgage of the house we just sold. I wanted to skip the hassel of a closing date so far in the future and closing fees associated with a traditional mortgage.
liaoyu03 Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)	Posted: Wed Sep 03, 2008 8:33 am    Post subject: Like 0 Dislike 0 yes, do a evaluation for the house is essential.
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Fri Sep 05, 2008 3:46 am    Post subject: RE: buying a home with mortgage Like 0 Dislike 0 Hi kwehling, Welcome to the forums. Quote: The family is asking far less than the assessed value of the house. The assessed value of the property is the value against which your property taxes are calculated. In order to get a mortgage, the appraised value of your home is necessary. Quote: I wanted to skip the hassel of a closing date so far in the future and closing fees associated with a traditional mortgage. Whether you go for a home buying mortgage or equity loan, both would require a closing process. So, I'm afraid you can't get away with it. Take Care

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