Should I buy & take over payments on my Mom's house? The house will go to the bank if I don't...?

My mom is planning to retire soon. With that she will be moving. Unfortunately, she knows the house won't sell in the current market. (buyers market, not a sellers market.) She already has things set up for her move, but what to do with her current house. She doesn't have to worry about her credit, so losing it to the bank won't hurt her any. She has offered to sell it to me, and all I would have to do is take over the current payments; and i would move in. (yes just my family as my mom will be moving.)
The problem is, that it isn't my dream home, but I know my mom has put in a lot of work and investment into the home. So if I bought the house, it would be in hopes that the market changes and I would eventually be able to sell it. I know I can afford to make the investment, but not sure if I want to take the risk of not being able to sell and eventually buy the house I really hope for. Any ideas, suggestions, or comments would help greatly; thanks.

It is a good thing to fall in love with the deal and not with the house. If the house appraises well over the balance owed on your mother's loan, you might seriously want to consider buying it. Make sure that you actually buy the house and get your own mortgage for the balance owed. Even in the worst of times, markets eventually turn around. Take good care of the property and pay it off as soon as possible. In a few years, you will be sitting pretty with good equity. If you are renting at the present time, and have the means to buy a house, the decision should be a no-brainer.

Keep in mind that most people move every seven years. While everyone wants a dream house, I would much rather have a dream deal. It sounds like you have one.

Good luck with your decision.

Basically your mom is offering to sell it to you at the current outstanding balance on the loan? Thereby forefeiting her deposit, equity, etc. ? If that amount is less then the CURRENT market value, its a no brainer ... buy it. If you do, make sure you get her name off the title; you don't want family disputes later with siblings etc. Otherwise, help your mom sell her place or at least rent it out and charge her a "management fee" until the market picks up.

you should by it. if all you have to do is take over payments then you will already have equity in the property. another thing is i don't know if you already have a house but this is a great tax write off. while maybe not your dream home right now, it is an investment that will help you in that direction.

She doesn't care if she loses the house to the bank? She should have the money from the sale of that house!! Couldn't you just buy the house at a good price, and hold onto it until the market improves? The market fluctuates regularly. I would think it will change withing the next few years. In fact, with a new President in 2008, I would think there's a very good possibility we'll see a change for the better. I sure hope so. I'll be selling my house in a few years at most. Good luck!

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