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    netti55's Avatar
    netti55 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 17, 2013, 06:31 PM
    Buying our house from in-laws
    Hello, my husband and I have lived in ashton Idaho for three years now in his parents old house. They still owe around $175,000 on the house. I am wondering if there is anyway that we could get the house re appraised and buy the house from them? Or do we have to go through a bank? I don't think the house is worth more than $100,000 and I don't want to pay for what I am not getting, but by no means do I want my in-laws stuck with a huge bill either.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 17, 2013, 06:44 PM
    You can see if the bank will approve a short sale. The doesn't really care if the house has lost value. It loaned out and amount of money and wants that back.

    They may approve a short sale if it means foreclosing.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Jan 17, 2013, 07:24 PM
    Unless your in-laws are behind in their payments or something horrendous has just happened to them like bankruptsy the bank will likely not be interested in a short sale. You can buy the house for $100,000 after they pay off their entire mortgage. Doubt that sounds good for either of you.
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