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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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excited! buying in-laws house!
so, DH and i have been trying to come to a decision about this for months. ILs are moving, and offered to sell us their house.
right now, we live in a small 2 bedroom/ 1 bathroom rancher that we did a lot of work on. we had always talked about adding on a second floor when we were ready for kids, but then this came up where FIL is getting transferred and offered to sell us his house. its the same distance from both our jobs, has a HUGE kitchen, an extra bathroom, great yard, attached garage ( no more brushing snow off our cars!!), and lots of storage space. the only thing that was keeping us from jumping on it was that their bedroom is smaller than ours is now, but we found a way to add on to it. PLUS, DHs dad is really workign with us. we are going to pay him the mortgage instead of going through a mortgage company, so we'll get a much better rate. PLUS hes working with us selling our house and said if it takes awhile to sell, we don't have to start paying him until it sells. AND we would be moving this summer when i have off work ( i'm a teacher).
so its really a great situation all around, and i'm really excited about it
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Posted 1/3/07 9:29 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: excited! buying in-laws house!
CONGRATS ! I think you made an excellent choice !
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| Posted 1/3/07 9:30 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: excited! buying in-laws house!
Congratulations!!
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| Posted 1/3/07 9:36 AM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: excited! buying in-laws house!
That is awesome. Congratulations!
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| Posted 1/3/07 9:44 AM |
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: excited! buying in-laws house!
Wow, that sounds like a great offer. And that's great that you pay him the mortgage instead of the bank. You save a ton of money that way. Great news, congratulations! 
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| Posted 1/3/07 9:46 AM |
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jxnoscar
Baby Delicious!
Member since 8/06 4156 total posts
Name:
Nancy
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Re: excited! buying in-laws house!
That is fabulous news!!!!! Congrats!!!!
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| Posted 1/3/07 9:47 AM |
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LaurenExp
Waiting patiently for baby sis
Member since 8/06 11613 total posts
Name:
L-Diddy EDD 11/11/11 :)
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Re: excited! buying in-laws house!
Congrats!  
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| Posted 1/3/07 10:00 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: excited! buying in-laws house!
Congratluations. So will you own it or will he own it and you are paying him?
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| Posted 1/3/07 10:17 AM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: excited! buying in-laws house!
Congratluations!!! Sounds like a great deal and not having to go through the bank is even better.
They are adding your names to the title though, right Otherwise it would just be renting the IL's house.
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| Posted 1/3/07 10:20 AM |
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jms100303
Luv my munchkins
Member since 5/05 4789 total posts
Name:
Jennifer
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Re: excited! buying in-laws house!
Congratulations, how exciting!!
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| Posted 1/3/07 10:22 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: excited! buying in-laws house!
I wouldn't be so quick to say it's a "great situation all around"...
I know someone who did the same thing and while there's more good than bad - there were some surprises along the way.
Some things to consider:
- Your ILs might always feel like it's "their" house. Especially since it will still be in their name (yikes)! This means when they come for a visit, they might just make themselves right at home - more so than you may like.
- With THEIR name being on the mortgage, be prepared for the possibility that they may interest themselves in your personal finances more than you would like
- Make sure, and I mean really sure, that they get ALL of their stuff out of the house; don't let them use their your house as storage for the things they can't take with them when they move right away... oh sure it will seem like no big deal at first, but when it's 3 years later and their junk is still in your house, you may think differently
It also all depends on what your ILs are like and what your relationship with them is like.
Just keep these things in mind... I'm not saying don't go through with it - it's definitely a great opportunity and you should take advantage...
I personally would not feel comfortable not having the house in my/DHs name though.
Otherwise - congrats!! And good luck with everything.
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| Posted 1/3/07 10:25 AM |
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lvdolphins
My Loves!
Member since 5/05 46292 total posts
Name:
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Re: excited! buying in-laws house!
Awesome! Congrats!!!
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| Posted 1/3/07 12:59 PM |
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janet
WITH LOVE MY ANGEL MISS YOU!!!
Member since 5/05 12823 total posts
Name:
janet
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Re: excited! buying in-laws house!
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| Posted 1/3/07 1:02 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: excited! buying in-laws house!
Posted by BabyAvocado
I wouldn't be so quick to say it's a "great situation all around"...
I know someone who did the same thing and while there's more good than bad - there were some surprises along the way.
Some things to consider:
- Your ILs might always feel like it's "their" house. Especially since it will still be in their name (yikes)! This means when they come for a visit, they might just make themselves right at home - more so than you may like.
- With THEIR name being on the mortgage, be prepared for the possibility that they may interest themselves in your personal finances more than you would like
- Make sure, and I mean really sure, that they get ALL of their stuff out of the house; don't let them use their your house as storage for the things they can't take with them when they move right away... oh sure it will seem like no big deal at first, but when it's 3 years later and their junk is still in your house, you may think differently
It also all depends on what your ILs are like and what your relationship with them is like.
Just keep these things in mind... I'm not saying don't go through with it - it's definitely a great opportunity and you should take advantage...
I personally would not feel comfortable not having the house in my/DHs name though.
Otherwise - congrats!! And good luck with everything.
I have to agree with Sandra..... I hope everything works out!!!
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| Posted 1/3/07 2:05 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: excited! buying in-laws house!
Posted by steph4777
Posted by BabyAvocado
I wouldn't be so quick to say it's a "great situation all around"...
I know someone who did the same thing and while there's more good than bad - there were some surprises along the way.
Some things to consider:
- Your ILs might always feel like it's "their" house. Especially since it will still be in their name (yikes)! This means when they come for a visit, they might just make themselves right at home - more so than you may like.
- With THEIR name being on the mortgage, be prepared for the possibility that they may interest themselves in your personal finances more than you would like
- Make sure, and I mean really sure, that they get ALL of their stuff out of the house; don't let them use their your house as storage for the things they can't take with them when they move right away... oh sure it will seem like no big deal at first, but when it's 3 years later and their junk is still in your house, you may think differently
It also all depends on what your ILs are like and what your relationship with them is like.
Just keep these things in mind... I'm not saying don't go through with it - it's definitely a great opportunity and you should take advantage...
I personally would not feel comfortable not having the house in my/DHs name though.
Otherwise - congrats!! And good luck with everything.
I have to agree with Sandra..... I hope everything works out!!!
me too. It does sound like a great opportunity, but it IS still a business transaction.. just be careful. Congratulations and good luck 
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| Posted 1/3/07 2:12 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: excited! buying in-laws house!
Awesome! Congratulations!
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| Posted 1/3/07 2:15 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: excited! buying in-laws house!
Congrats!!!!!!!
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| Posted 1/3/07 2:47 PM |
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Little-J-Mommy
I'm a Big Brother
Member since 5/06 8041 total posts
Name:
D
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Re: excited! buying in-laws house!
Congrats!!!!
you have fm
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| Posted 1/3/07 2:53 PM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: excited! buying in-laws house!
yup it should all work out well!
i appreciate the advice/concern... i've been FMing sandra about it. DH has a relationship with his parents where he tells them how it is LOL ( only child!  ) so, hes been really clear to them that we'll be changing things, and that they can;t leave anything in the house when we move in. they both told us that we shuold do whatever we want to to make it "ours". they also said that if our house sells quickly, they'll move out and get an apartment until their new house is ready, so that DH and i can move in and start maknig it ours. i'm sure they'll be some comments, but they've been warned
Also, DHs parents don't have a mortgage on the house anymore, its paid off... so they can just transfer the deed to us so the house will be in our names. "on paper" it will look like DH and i own the house in full, but really we will be making mortgage payments to ILs.
so we've got it worked out pretty well i think. like i said, i'm sure theres gonna be some snags, but we're trying to cover our bases
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| Posted 1/3/07 3:16 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: excited! buying in-laws house!
Posted by ml110
yup it should all work out well!
i appreciate the advice/concern... i've been FMing sandra about it. DH has a relationship with his parents where he tells them how it is LOL ( only child! ) so, hes been really clear to them that we'll be changing things, and that they can;t leave anything in the house when we move in. they both told us that we shuold do whatever we want to to make it "ours". they also said that if our house sells quickly, they'll move out and get an apartment until their new house is ready, so that DH and i can move in and start maknig it ours. i'm sure they'll be some comments, but they've been warned
Also, DHs parents don't have a mortgage on the house anymore, its paid off... so they can just transfer the deed to us so the house will be in our names. "on paper" it will look like DH and i own the house in full, but really we will be making mortgage payments to ILs.
so we've got it worked out pretty well i think. like i said, i'm sure theres gonna be some snags, but we're trying to cover our bases
That's awesome! Good Luck
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| Posted 1/3/07 3:18 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: excited! buying in-laws house!
Posted by ml110
yup it should all work out well!
i appreciate the advice/concern... i've been FMing sandra about it. DH has a relationship with his parents where he tells them how it is LOL ( only child! ) so, hes been really clear to them that we'll be changing things, and that they can;t leave anything in the house when we move in. they both told us that we shuold do whatever we want to to make it "ours". they also said that if our house sells quickly, they'll move out and get an apartment until their new house is ready, so that DH and i can move in and start maknig it ours. i'm sure they'll be some comments, but they've been warned
Also, DHs parents don't have a mortgage on the house anymore, its paid off... so they can just transfer the deed to us so the house will be in our names. "on paper" it will look like DH and i own the house in full, but really we will be making mortgage payments to ILs.
so we've got it worked out pretty well i think. like i said, i'm sure theres gonna be some snags, but we're trying to cover our bases
Very smart!!!! Congratulations!!
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| Posted 1/3/07 3:18 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: excited! buying in-laws house!
How will they determine a mortgage payment if they have no mortgage and are only paying taxes?
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| Posted 1/3/07 4:22 PM |
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