I want to buy a house that my dad has.?

C O N G R A D U L A T I O N S: You have won the Jack pot. Talk with your Father. He can sell you the house for a price that will pay the current mortgage, and provide the funds to make improvements & cash for a rainy day fund. HAVE THIS CONTRACT DRAWN UP THROUGH A LAWYER (NOT A REALTOR), and finalized through a title company. The lawyer will charge about $2,000 at the most and is paid out of the proceeds of the mortgage, the title company $500, incidentals $2,500.

$5,000 Plus the stated amount of sale is the size of the Mortgage that you will apply for. Mortgage is conditioned on your credit and the value of the property. Based on what you have said, you should with average credit be able to get 100% mortgage for this transaction. By using a lawyer instead of a real estate person, you save money 6% is the average Realtor fee (4% on the low side).

Real Estate Professionals are very important if the buyers and sellers don't know each other or can't be trusted. If there is anything wrong with the property you should already know. If you don't it is your fault that you have been living there and have not taken care of it.

In the contract have the words that your farther, pledge 100% of the proceeds of this sale to (your-side) for $1.00 plus expenses incurred. With a Mortgage company that is willing to provide the money, you get a house, money in the bank, and a BIG FAT MORTGAGE TO PAY. Be happy, the payments is deductable on your income tax and you don't have to pay rent.

You need to get your own mortgage loan to purchase the property and do any repairs needed.

Go with dad and talk to his mortgage company.

His mortgage company already knows the property and would be the best place for getting your own mortgage.

Since he's giving you the equity in the home, you would be buying the home from your dad for the balance owed on the mortgage.

Apply for a mortgage in your own name, and even if he needs to cosign for you, you should be able get additional funds from the equity to do repairs.

The value of the home (even needing repair) should be more than the balance owed.

You have been paying the mortgage to dad for 7 years.

And he gets the tax benefits, interest and tax deductions.

Do you have a written agreement with dad to purchase?

The payments you've made over the past 7 years actually represent the equivalent of a down payment on the property in your situation.

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Buy it, and give your father the money -- even if he resists taking it, and even if he's still going to live there. Firstly, you NEED the mortgage payments for IRS deductions. YOU HAVE NO EQUITY!! Your father does, as the property is in HIS NAME. You need to establish credit, and pay taxes etc. and you can get a "great" price. Don't rip him off - and remember, you'd pay WAY more to a stranger. Banks exist for loaning you money. Mortgages are the backbone of our financial world.

you have to get a loan that covers the current mortage what ever the pay off is !!then the deed is transfered to you ..