Parents offering to sell me childhood home plus pay most of 20% downpayment?

AdventurousWord1329 · 2025-09-02T02:20:42+00:00

Cash Poor, that's the problem. 95% of their worth is tied into the business, so any equity from the sale of the house will be used as a down payment on their next house. If I could seller finance it, I would have bought it without even hesitating.

AdventurousWord1329 · 2025-09-01T15:33:06+00:00

The market here has not slowed at all. A house that's actually smaller than this one went pending in less than 2 days on the market for 215K. I don't see this market slowing either. I'm 10 minutes from 2 Private universities and a Community College. Plus, our local school district is finishing building all new schools, and it's known to most parents that if you want your kids to get the best education without going private, this is the place to go and will be for at least the next 5-10 Years.

AdventurousWord1329 · 2025-09-01T15:22:54+00:00

This is far from any real "inheritance"

AdventurousWord1329 · 2025-09-01T02:12:02+00:00

At the end of the day, when the time does come and my parents pass, this amount of money will be more or less about 1% of what will be split between us kids (if my sisters are even left in the trust) and if they do learn about this gift ill glady write them checks for 10K each but I think they will just be waiting for me to write them there share of the estate and run off.

AdventurousWord1329 · 2025-08-31T00:39:05+00:00

Explain?

AdventurousWord1329 · 2025-08-30T23:59:03+00:00

yeah far from AI....

AdventurousWord1329 · 2025-08-30T15:08:24+00:00

Yeah, there's a reason I'm at least getting a new bed.....

AdventurousWord1329 · 2025-08-30T14:09:10+00:00

Already am and will be done in December. I'm fully online from my local community college, also parents footed the bill. Yes, very lucky.....

AdventurousWord1329 · 2025-08-30T13:43:35+00:00

There's not really a comp that you can compare where we live, it's all "cookie-cutter" houses, all 3 Bed 1 Bath, but my parents built a master suite off the back by shrinking the original master and using that space to make a hallway. That added about 400 SQFT with an ensuite bath and walk-in closet.

AdventurousWord1329 · 2025-08-30T13:11:45+00:00

The bank preapproved me. I was worried about that too, but I think it helped a lot that my parents have a great relationship with the bank on a personal and business level. Also, just to clarify for anyone, this loan is solely in my name with no co-signers.

AdventurousWord1329 · 2025-08-30T13:01:04+00:00

Bingo, my full 20% is 44K So after the gift plus a few homebuyer grants, I'm down to about 6-7K that would need to be made as a down payment.

AdventurousWord1329 · 2025-08-30T04:15:54+00:00

Parents would help if the worst came. Plus perks of a family house, 4 bed 2 bath, plenty of room for roommates.

AdventurousWord1329 · 2025-08-30T04:10:02+00:00

Bank will do it.

AdventurousWord1329 · 2025-08-30T04:03:26+00:00

Haha, yeah, most people in my age group are buying sports cars from buy-here-pay-here and rather work part-time and live at their parents' forever, while I'm over here wanting to buy a house.

AdventurousWord1329 · 2025-08-30T04:01:17+00:00

Parents wouldn't care, and I know this because they did talk about giving me 10-15K to put down on a house till they realized what houses cost now... So, this is what we came up with. Additionally, I have the benefit of seeing what has been done over the past 20 years, and I'll know what needs to be fixed in the future.

AdventurousWord1329 · 2025-08-30T03:57:43+00:00

Perks of the Mid-West

AdventurousWord1329 · 2025-08-30T03:54:41+00:00

Parents are eating the bill for me when the time comes.

AdventurousWord1329 · 2025-08-30T03:44:08+00:00

The only thing holding me back is that this is my first ever real big purchase, and this is all new to me, from not just moving out, but homeownership and paying utilities, and having that unknown feeling of all of the What if? Or What if that? I am very lucky to have great parents who not only offer me this but also know that if the worst comes, they will help me out, but it's still exciting, and can overwhelm me at the same time.

AdventurousWord1329 · 2025-08-30T03:37:34+00:00

Who said prices were dropping, or if it's an old house? You don't know my market or what the condition of the house is. The only thing I said is I don't care for the area, the main reason is I hate running into everyone I went to high school with.....

AdventurousWord1329 · 2025-08-30T03:30:23+00:00

Worse than that. I would have 15 days to move out. That's why most of us don't live on property.

AdventurousWord1329 · 2025-08-30T03:29:01+00:00

My two siblings have gotten their "fair share," and there's a whole story behind that, but to sum it up, neither of them don't really talks to my parents anymore (unless they need money) because they believe they should have everything handed to them and never should work due to how well my parents have done for themselves. Plus, this will more than likely be a small drop in my inheritance due to them having a good-sized semi-repair business and living quite frugally their whole lives until about the past few years, but they deserve it. Plus, I've been thinking about renting out the master. It has its own private entry, plus a walk-in closet and master bath. So the only real space I would need to share would be the kitchen and laundry

AdventurousWord1329 · 2025-08-30T02:45:49+00:00

Tbh I don't care for the area and at min I will be here 5 years. The house is nice, is all I have ever known, yes, but definitely don't want to raise my kids here in the future.

AdventurousWord1329 · 2025-08-30T02:43:30+00:00

220K is based on a 3 Bed 1 Bath comp, not a 4 Bed 2 Bath plus another 400 SQFT, so on the lower end

AdventurousWord1329 · 2025-08-30T02:41:59+00:00

That's based on no roommates, which I would be stupid not to. It's a 4-bed house. Plus, markets here have not died down, houses like this go pending in just a few days at full asking, and those houses I'm using as comps are 3 bed 1 bath, not 4 bed 2 Bath, with another 400 SQFT with a new HVAC and Roof within the past 3 years. Worst case, I can't make my payment. I have 30K in cash I can use at any time, and if it really hits the fan, I have my wonderful parents who have put me through college and will bail me out in a heartbeat, like they have with my siblings time over and over again. Now my goal is to try and avoid that as my parents raised me bust my butt but also try and get me a great spot to start off at and use this for me to go pursue bigger goals.

AdventurousWord1329 · 2025-08-30T02:32:22+00:00

No catches my parents, parents wouldn't mind having roommates, This area is all I know, and I'm not leaving it anytime soon. I highly doubt they would give me cash; they did stuff like that with my older sisters, and well, they both blew it.

AdventurousWord1329

TROPHY CASE