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What are the downsides of buying in cash then taking ourselves off the deed?

Were planning to pay cash for a house in California in this competitive market, with our daughter and her husband added to the title right alongside us at first. The idea is that right after closing theyd get a mortgage and pay us back everything except whatever were planning to gift them toward their down payment. Then wed come off the deed and it would just be their house. The professional advice we got was that they buy the house, our portion gets listed as a gift in the offer, we put a lien on the property to secure it, and they get a mortgage to pay off that lien within 2 to 3 weeks of closing. It sounds workable on paper but I keep wondering what could go wrong with a setup like that. What are the actual downsides compared to just gifting the down payment amount upfront instead?

12 Answers

date the rate?

ok, i keep hearing this date the rate marry the house. what does this actually mean? how can i change the rate? i mean, clearly i can't just choose my rate right now or else i'd choose one way more attractive. so in the future it's not like i can just break up with my mortgage because i'm not feeling it anymore. so is this date the rate just a bunch of bs?

16 Answers

Buyer has stopped making payments on property loan, need to sell property

We bought a small parcel of open land near Joshua Tree and we are selling it to a buyer who is supposed to make payments on it and he hasn't been able to make those payments. I want to look into the possibility of selling the property to get our money back. The buyer hasn't made payments in a year and is out of communication and is not responding to emails.

7 Answers

Selling my fire damaged home

My home was damaged in a fire last year, it is unlivable. We have been at my in-laws' since then and are hoping to buy a new home. We are still waiting on insurance, but I really want to sell the property as it is and get some money for a down payment. What are our options?

11 Answers

Is the Lafayette market actually more insulated from rate hikes than the rest of the Bay Area?

A close friend is getting ready to list in Lafayette and we've spent the last six months just watching the market to get a feel for timing before it goes up for sale. Inventory still seems pretty tight and well-priced homes are moving fast, but we're noticing more price cuts now than we saw a year ago on listings that started too high. Curious if that matches what agents are seeing on the ground locally. Also wondering if Lamorinda tends to hold up better against higher rates compared to places like Oakland or Walnut Creek.

12 Answers

Is Zillow actually giving buyers the full picture, or are we missing better tools?

Ive been house hunting in the east bay for about four months now, mostly leaning on Zillow, but Im starting to think im not seeing the full market. Ive heard Redfin pulls MLS updates faster and that Compass has private listings that never even hit the public sites. A few people also mentioned that some counties have public record search tools that show more than any portal does. Whats the actual stack of sites and tools a serious buyer should be checking regularly?

14 Answers

Are you considered 1st time home buyer after many years?

I bought a home about 10 years ago and am curious if after so many years I would be considered a first time home buyer again?

14 Answers

my family is low income SSI and social security can we still buy a house

what options do we have

18 Answers

house valued 780,000. I wanna sell as is, but don't want to get low balled. what a good price?

Needs some work. like new windows new kitchen new bathrooms it's a three bedroom one and half bath garage corner unit big yard . I owe 250,00 it's in foreclosure. What's a good price? I got one offer for $480; is that too low?

13 Answers

What is the best way for seniors to downsize from a Palos Verdes home?

My parents have owned their home in Palos Verdes Estates for many years and are beginning to consider downsizing. What is the best way to plan the transition, including deciding whether to sell before buying, decluttering and preparing the home, understanding Proposition 19 and possible tax implications, and finding a smaller home or senior-friendly community nearby? We would also like to know which professionals should be involved and how far in advance families should begin preparing.

13 Answers