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Has anyone bought out siblings or co-owners?

Frequent Contributor

Has anyone bought out siblings or co-owners?

Zero mortgage on home that was inherited. No tax liens, husband and one sibling paying all property taxes and insurance. Upkeep was being paid by 3, then down to 2, now just my husband. He wishes to buy them out. 

 

1) Did your lender take your portion of inheritance equity in home that there would be no down payment on sale of home?

2) Any particular problems arise in your situation?

3) The house is in need of some repairs, roof is on last two years of life, windows need replacing, built back in late 70's, were you able to combine a purchase price and additional funds for the repairs (not appliances, carpeting) but the necessary of the structural upkeep?

 

Any advice from someone who has been down this road would be grately appreciated. 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
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Moderator

Re: Has anyone bought out siblings or co-owners?

Have a real estate attorney prepare the contract as your husband is literally buying out the siblings. 

Speak to your LO first to see how the equity portion your husband currently has is used as dp.

 

There are rehab loans like a FHA 203k type loan where you can complete the purchase/buyout and have funds to do the rehab on top of the purchase price.  Streamline loan is $35k or less (for the rehab part only)- but you can get more if you need it. Then it isn't considered streamline over $35k.  There is a conventional loan too - same thing, different guidelines. 

 

A good LO can walk you through this process.

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