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my mom is 74 and is selling her house to move into a subsidzed apartment because of expenses. My brother is trying to get her to sell her the house at a discount However is taking out the loan at 30k and giving her 20k. (house is worth 32k) I don't think this is fair to her and i think that he is putting pressure on her to give him what he wants. That is one of his idea's the other is to make payments to her and then a balloon payment after 5 yrs. I don't like this one because when he used to rent from her he had all kinds of excuses for not paying. I am trying to tell her if you want to sell to him fine but make him get a real bank loan so she doesnt get stuck with it.
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I agree, it sounds she definitely needs the proceeds of the sale. I wouldn't have her risk this to someone who sounds as if he has issues with money. Owing money to family causes way too many headaches anyway... -
Where can I buy a house for $30K?
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in the sticks specifically Rose Ny the house is old but has a lot of work done recently which is why she still owes money on it. It is livable just very vintage, huge and hard to keep warm.Originally posted by safari View PostWhere can I buy a house for $30K?Comment
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It sounds like your bro is a deadbeat person that has no respect for his poor mother and he should be a disgrace to her, and that is sad.Originally posted by dardhel View Post
Tell you mom NOT to do business with him...the ballon payment in 5 years is just his gamble that your mom will die before it comes due.
More then strangers, it is family that will screw ya...this is universally true in every culture....be careful...
By the way, I am a son too so this is why I feel so strongly about this ;-)Comment
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I think your mother will have far better luck selling to a STRANGER. Your brother sounds a bit shady to me. He's taking advantage of an old woman - shame on him! I hope you have some influence and can help your mother with this issue. Good luck to her!
PS - A house (even a tear down) where I live is averaging about 600k. I want to cry when I read posts like yours. I hate it here for this reason
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always keep family and money separate, that's all I have to sayComment
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Have to agree. This is a horrible idea. The fact that a son would screw over his mom like that is disgusting.Steve
* Despite the high cost of living, it remains very popular.
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* There are no shortcuts to anywhere worth going.Comment
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I bet he tries to find a way to get some of the 20000 also. What a bum.Comment
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