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smart or dumb move?

post #1 of 22
Thread Starter 
DH's uncle who I never met called out of the blue the other night. He owes 50k on his house and it's worth around 350k. He wants to sell it to us for 50k and then we purchase an apartment for them in another area of the state. We don't really have a savings, just a small emergency fund. Mom would move with us which means she would sell her house but it will just cover her bills and mortgage. With the economy the way it is would you jump on the chance? Is this too risky? It is a 4 bedroom house with 2.5 baths which means a spare bedroom. DS is now 4 months old.
post #2 of 22
Can he not just sell the house?. It's a nice idea, but i don't think i would be taking it on right now, not to mention buying him an apartment as well?!

What's his reasons for doing this did he say?
post #3 of 22
Thread Starter 
Quote:
Originally Posted by Rosiemac View Post
Can he not just sell the house?. It's a nice idea, but i don't think i would be taking it on right now, not to mention buying him an apartment as well?!

What's his reasons for doing this did he say?
His wife had a stroke many years ago and is wheelchair bound. He just retired. Odd things like this is what makes him UT.
post #4 of 22
There are tons of pros and cons to owning, as I'm sure you know. For me the decision would depend largely on how the cost of paying the two mortgages (i.e. the loan for 50K plus the mortgage on the condo/apartment for the uncle) compared to the cost of my current monthly rent.

Of course, you also have to take into account your job security, possible repairs needed in the house, etc., especially given the current economy.
post #5 of 22
Thread Starter 
Quote:
Originally Posted by motoko9 View Post
There are tons of pros and cons to owning, as I'm sure you know. For me the decision would depend largely on how the cost of paying the two mortgages (i.e. the loan for 50K plus the mortgage on the condo/apartment for the uncle) compared to the cost of my current monthly rent.

Of course, you also have to take into account your job security, possible repairs needed in the house, etc., especially given the current economy.
DH's job would be up in the air cause of the move, we currently rent from mom but don't pay much. It would be a HUGE jump in our bills however mom would be giving us rent.
post #6 of 22
Quote:
Originally Posted by Crazyforinfo View Post
DH's job would be up in the air cause of the move, we currently rent from mom but don't pay much. It would be a HUGE jump in our bills however mom would be giving us rent.
That would definitely give me pause, then. (I do understand wanting your own place, though. That's important to a lot of people.) I wish you the best, whatever you decide to do!
post #7 of 22
Quote:
Originally Posted by Crazyforinfo View Post
DH's job would be up in the air cause of the move.
Then i would stay clear Michele The thought of having two mortgages around my neck if anything happend would make me lose sleep at night, and stress just isn't worth it chick
post #8 of 22
Thread Starter 
Quote:
Originally Posted by Rosiemac View Post
Then i would stay clear Michele The thought of having two mortgages around my neck if anything happend would make me lose sleep at night, and stress just isn't worth it chick
Yea it isn't. He is calling him back tonight to get the real story. DH was at work when he called back. We knew there was a catch Sunday when he called and offered us the house. We also didn't know if he was serious. At first we thought it was a joke then we fancied the idea of living there.
post #9 of 22
He could sell the house himself, pay off the $50,000 and have $300,000 to buy his own apartment so I don't see why he wouldn't do that. Even though the house may be worth $350,000, it's only worth that if you sell it. In the meantime you would have 2 mortgages and a lot of stress.
post #10 of 22
Quote:
Originally Posted by Yosemite View Post
He could sell the house himself, pay off the $50,000 and have $300,000 to buy his own apartment so I don't see why he wouldn't do that. Even though the house may be worth $350,000, it's only worth that if you sell it. In the meantime you would have 2 mortgages and a lot of stress.
Yeah...that's what I was thinking, too. Makes me wonder what it is that's not on the table...
post #11 of 22
I'm very suspicious by nature, and something about this offer just doesn't sound right.
Quote:
He could sell the house himself, pay off the $50,000 and have $300,000 to buy his own apartment so I don't see why he wouldn't do that.
That's my thought; why is he willing to sell you a house for 1/7th of it's supposed value? Is your DH his favorite nephew and he's trying to give him a deal? Or is there a problem with the house itself? I would be really, really cautious.

Quote:
DH's job would be up in the air cause of the move,
That one comment would be enough to put me off the deal completely.

Best of luck in whatever decision you and DH make. Remember, tho, if it sounds too good to be true........
post #12 of 22
Quote:
Originally Posted by libby74 View Post

..if it sounds too good to be true........
Exactly!
post #13 of 22
Assuming you move even a little forward with this, and I know it can be hard with family, I'd definitely have my own real estate attorney, one familiar with that particular area, checking and re-checking everything from step one - as well as some really solid appraisal work being done. I mean, maybe it's for real, but I kind of believe the 'too good to be true' thing too.
post #14 of 22
Thread Starter 
We are 99% sure we aren't doing the deal. When he called Sunday it was the first time in 15 years that I have been with him that they spoke on the phone. His Aunt is also his godmother. Regardless this is the type of man that if you walked in his house and said you liked the rocking chair, it will be in your car before you leave his house. He has given so much away to my Step MIL. She finally caught on and stopped saying she liked stuff. They are just a strange breed of people.

I think he doesn't want to make a monthly payment himself. I don't think anything is wrong with the house. I think it's his lazy way of selling the house and having a place for him and his wife.

I just had to get some other views on this b/c it made me laugh so hard.
post #15 of 22
Let's see if I have this straight.

You buy his $350,000.00 house for $50,000.00 and in addition to that you also buy him a condominium which I would think would be about $300,000.00 if the prices are anything like they are here.

That leaves you with 2 mortgages ($50,000.00 plus $300,000.00), not to mention the property taxes for each one. Plus you would essentially become his landlord even though he wouldn't be paying rent. Who would be responsible for the upkeep of his condominium should things require repair?

Why wouldn't he just sell you the house for $350,000.00? You would have one mortgage and he could go and buy himself a condominium himself.

He's either not thinking straight and thinking he is doing you a favour, or there is something fishy about this whole situation. Because it sure doesn't make any sense to me.
post #16 of 22
Michele ask if he's been falling behind with his mortgage payments as well.
post #17 of 22
Thread Starter 
Quote:
Originally Posted by Natalie_ca View Post
Let's see if I have this straight.

You buy his $350,000.00 house for $50,000.00 and in addition to that you also buy him a condominium which I would think would be about $300,000.00 if the prices are anything like they are here.

That leaves you with 2 mortgages ($50,000.00 plus $300,000.00), not to mention the property taxes for each one. Plus you would essentially become his landlord even though he wouldn't be paying rent. Who would be responsible for the upkeep of his condominium should things require repair?

Why wouldn't he just sell you the house for $350,000.00? You would have one mortgage and he could go and buy himself a condominium himself.

He's either not thinking straight and thinking he is doing you a favour, or there is something fishy about this whole situation. Because it sure doesn't make any sense to me.
Yes you have the right...except the condos are 400k. lmao

Quote:
Originally Posted by Rosiemac View Post
Michele ask if he's been falling behind with his mortgage payments as well.
Interesting.

Oh we are also sure he has $$ to pay the house off already.
Weird huh! This is why I haven't met him yet.
post #18 of 22
And have they no sons or daughters?
post #19 of 22
Thread Starter 
Quote:
Originally Posted by Rosiemac View Post
And have they no sons or daughters?

Two daughters and a son.
post #20 of 22
Run----run now.
post #21 of 22
Thread Starter 
Ok DH got the impression he isn't healthy and that we would move in his house but the uncle will keep it in his name and possibly keep paying the mortgage. LMAO So confusing. DH is calling him to night to ask WTH.
post #22 of 22
Quote:
Originally Posted by Crazyforinfo View Post
Ok DH got the impression he isn't healthy and that we would move in his house but the uncle will keep it in his name and possibly keep paying the mortgage. LMAO So confusing. DH is calling him to night to ask WTH.
Weird, very weird.
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