Posted by Lou on October 22, 2003 at 22:51:36:
Ask! Tell them you want to buy the house. Your next step will depend on their motivation. If they really want to move they will be flexible. If they are not motivated you have little chance they will work with you. I would offer to buy it on contract for deed. Guarantee their payments and refinance it with in three years. You dont need a down payment for a refi.
They are happy cause their payments are made and they get to move. You get in no money down and have a place of your own. The terms all depend on what you can negotiate. I have done similar, with ten down for balance of mortgage when I pay off. I mirrored their payments with a 5 yr balloon. I made payments directly to the bank so I know they were made.