Skip to main content

I want to buy my mom's house from her landlord (and neighbor). How do I do it?

I live in the Bay Area and work in the software industry. My mother lives in my hometown, in upstate NY, in a duplex apartment where she's been for over 20 years. Her landlord, a nice woman about my mother's age, lives in the adjoining apartment. She's owned it the whole time, and she and my mother are friendly.

The landlord has had some health issues over the past few years, and generally seems to dislike being a landlord; I suspect she might be interested in a sale. My mother would like to stay in the apartment for good, and she agrees that the landlord might be interested in selling.

So, I want to buy the house. I've never bought real estate before. I have plenty of cash (I could buy the house outright, if I wanted), and excellent credit. In addition, I worry about the possibility of disruption in my mother's life should the landlord decide to sell.

I'd like to be able to make the landlord a reasonable (even generous) private sale offer, and have the landlord become my tenant. My mother would be my property manager (in exchange for free rent).

I have no interest in taking advantage of this woman's poor health, or trying to pressure her into a deal, but I do hope she will agree to sell, and I do want to get a fair deal for myself.

What's the best way to go about this? Should I just approach the landlord, and go from there? Or does it make sense to try to get an offer together first, and then approach her? I really have no clue. Moreover, does this even sound like a good idea?

submitted by /u/wirebreather
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ew0q8k/i_want_to_buy_my_moms_house_from_her_landlord_and/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more