Please help. need advice about buying a house.?

my grandparents are moving from arkansas, they cannot buy a house due to a recent bankruptcy. they really dont want to rent cause past expierences with land lords.
my grandpa just started getting his retirement checks. he wants to use my name to buy it, and when they are gone i would take over the payments.(he is only 62 also) would it would be a good investment for me? or will it be a burden?
would i be responsible for the property taxes and stuff? the house he likes is $47,000.00 and they said they would go down some. what should we offer? it needs the carpet replaced and alittle drywall work done.
i dont know anything about buying houses, i built mine.

if you are buying the houses, you are responsible for mortgage payments and taxes. if they can't make payments, you'll be the one that has to come up with the money.

whatever you offer, make sure it is lower than what you're actually willing to pay for the house. without knowing the market, but knowing they will come down some, maybe offer $40,000. that's about 15% lower than what he is asking.

Wow, the hard part is why did they have a bankruptcy? What are the chances they will stick you with the payments after you accept this?

If you built your own house then fixing the one for sale should not be a problem. As to what it is worth get a real estate agent and ask for comparables. That will tell you everything.

Sounds like a reasonable investment; if you can afford the payments. In case your grandparents do not; you have to be able to do so or your credit is ruined.

Before buying, make sure that the area he is planning to buy in has a good resale value, or if it's going boom in house sales, or popularity. That way if you are unable to afford it in the future, it will sell quickly, also if you plan to sell after the parents "Pass on" then you'll be able to get a profit, and a quick sale. As for repairs, if the repairs that need to be done can be done easily, ask around and do your research to see how much that will cost, if the prices for repair are resonable, the sellers are likely to give you a discount because you will need to spend a little more on updates or repairs, especially if the home is taking a while to sell. I'm not sure about property taxes, contact the city hall, or talk to a realator. Make sure before you sign your name to it, go over it with them, make sure that with the money they have saved and the money they're getting that they will be able to live comfortably, and that you won't end up paying for the house, since your just signing for them, remember your credit is on the line! so remind them to make sure they get their payments on time, and check in with them.