Buying a house from parents is this right? What would you do, need insight please!?
I aksed how much should I go to the bank and ask to barrow and they had put me off - then they gave me a price but said they wanted $10,000.00 more then what is left to pay it off but the price they asked me to barrow is $20,000.00 more not the 10 like they first stated and now they want me to sign a contract that states that if we ever sold the house that they would get 5 to 10% of the profit, is that right? Fair &/or legal? What do you think of this situation?
This house was my real fathers mom & dad's house and my mom and her husband bought it after my grandmother died thinking that I would always have a place to live and eventually buy it from them ( and I do have planes to do this but they make it nearly impossible) any way after they bought the house as time went on they really felt it was just a big hassle and they want my husband and I to buy it right NOW so that it would be less debt? and less head ache for them but now every time we talk about purchasing it they tell me "are you sure you want to do that and look at the economy and right now isn't the time to buy a house and now this. the 5 or 10% thing. and they are the ones that were pushing us to buy it in the first place. I am really confused and hurt.
They pay my sisters house payment and my step brothers house payment and send money to my other sister that lives out of state and never have they loaned me the money they have them and when I have had to barrow it was very small amounts and they've always gotten it back from me unlike my siblings. Even if they are worried that they will have to pay our bills is no reason to treat us like this.. Why are they trying to rip me off - thats how it kinda feels??? Can someone understand what is happening here and fill me in? Maybe I'm missing something. Thay have already made there money back on the house and from what repairs they have had done to it. My husband and I as well have put a ton of money into it thinking it would be ours someday but we aren't deducting our time in reapirs or our effort, materials, money from the price of what they want for it. They seem to have benefited from what we have put into it, it also made the value of the house go up but they don't take that into consideration either... I'm lost here and need help. My husband is irrate and wants me to start packing - he wants to move out now and not buy the house and I feel obligated and I really don't want any other house!