Jordon Sounds to me that the properties that your mom owns are free and clear of mortgages if she plans to live off the interest? If that is the case why don’t you buy the properties from her and she can hold the mortgages on the properties herself as a 1st. mortgagee. This way you could set the interest rate at current market rates and she would be earning more each month than she would get with a CD. If she needs some cash now you could always finance part of the purchase price and she could hold a 2nd. mortgage for the difference. good luck
Real Estate purchase in the Family - Posted by Jordan Davis
Posted by Jordan Davis on July 16, 2002 at 04:25:36:
This message is for Mr. Sheets or anyone who can help me. Recently my Father died and left 3 properties to my Mother. Mom wants to sell the propertites and live off interest of CD’s. I think it is a mistake to sell the property and would like to buy the property from her (since she has her heart set on selling the property anyway).
Please tell me, am I crazy. Is there a way for me to aquire the properties and for Mom to get what she wants also. Please respond as soon as possible.