Hello, I bought my home in 2020 from my mother who used something called a gift back option so I didn’t have to pay a down payment. I took the house because the offer was too good to pass on. My brother is divorcing and looking to buy. I want to sell him my home and find a different one. Can I do the same thing my mom did and he won’t have a down payment? Also what will that look like for me when buying my next home? Do I need a down payment or will it be taken from the sale of my current home? I want to help my brother out but it needs to make sense for me. submitted by /u/knitwizard93 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1tkq2f6/can_i_sell_my_home_to_my_brother_with_a_gift_back/
We are selling our house. It is a 3 bed, 1 bath, 1000 square feet home with a main floor, a basement, and a pull down attic. We accepted an offer that was significantly below our asking price, but only 5k below what we actually wanted (we put the asking price at what it recently appraised at, which we knew we probably wouldn't get). This offer was accepted after the buyers spent 2 hours at our open house, 1 of those hours technically being after our open house ended. After negotiations, before they sent the final contract, they told us they must see the house again. We approved their time, and they said they would be 15-20 minutes. They ended up being their over an hour. They just had their inspection done. It took them 3 hours total. When we originally inspected our house it took 1 hour, and the house we are buying which is significantly larger, took 1.5 hours to inspect. They are now saying they want to come back in for another inspection, specifically for pests. At this point, ...