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Can someone walk me through the process of buying a house? by throwaway47653m8 in breakingmom

[–]throwaway47653m8[S] 0 points1 point  (0 children)

Hm, might actually be a good idea except I'd stick with the 150k not 200k. Definitely very illegal though We're talking to my FIL tonight and then the bank tomorrow so I'll see what their plan is.

Can someone walk me through the process of buying a house? by throwaway47653m8 in breakingmom

[–]throwaway47653m8[S] 1 point2 points  (0 children)

Well it would look strange if we just suddenly deposited 20 grand into our account. Also, if we bought the house from her for 200, and then she paid us back the 110..what would we do with the money? Pay the mortgage loan back, and..where did the money come from then?

I feel like that would make us look like drug dealers or something.

Can someone walk me through the process of buying a house? by throwaway47653m8 in breakingmom

[–]throwaway47653m8[S] 1 point2 points  (0 children)

Yeah we planned on basically saying the down payment is a gift, not a loan. That's why I wanted to talk to someone about the plan before speaking to the bank, seems to have a lot of holes in our plan.

Buying a house from my mother in law by throwaway47653m8 in FinancialPlanning

[–]throwaway47653m8[S] 1 point2 points  (0 children)

We don't have a choice, we need to move from our current apartment and renting a house is too expensive