Re: First-time home buyer, buying from parent
1) Check the assessed value of the house. That will do something to inform you about the tax consequences.
2) You might want to consider a contract for deed. It's a legal doc. so the siblings shouldn't have a problem with it. You could avoid 99% of closing costs and your credit rating wouldn't matter/affect your interest rate. State laws vary A LOT on CFDs, but it might be something to consider . . .
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