newbie question / advice needed

[gizlby_IHB]

i just found this website and have been reading up the past couple of days on all the topics



here's our situation --



we have a house in cypress that we rented out - bought a house in 12/07 in rossmoor with my folks with the idea that we would remodel it to a bigger house so that we (my family of 4 and my parents) would all live together



well - easier said then down and we decided that living together is not working out



my parents want to keep the house in rossmoor but they can't really afford to refi it in their name - they are retired - don't have income - but are thinking of taking money out of their retirement to pay the loan off



we need to take our name off the rossmoor home so that we can qualify for a house since we still have the house in cypress that we are renting



what's the best way to transfer the title and loan to my parents? it's not an assumable loan - it's 30 year fixed. i was told that we would have to "sell" them the house so that they can buy it and go into escrow.



can we do this without having a realtor help us? we have a loan broker who's been helping us get all of our loans - i don't know if he'll be able to help us do the paper work

 

[CalGal_IHB]

I don't know the answer for you; however, I would ask a real estate attorney before I would ask a realtor on this particular situation.



Hopefully it works out for you. Good luck!

 

[graphrix_IHB]

[quote author="gizlby" date=1215392512]i just found this website and have been reading up the past couple of days on all the topics



here's our situation --



we have a house in cypress that we rented out - bought a house in 12/07 in rossmoor with my folks with the idea that we would remodel it to a bigger house so that we (my family of 4 and my parents) would all live together



well - easier said then down and we decided that living together is not working out



my parents want to keep the house in rossmoor but they can't really afford to refi it in their name - they are retired - don't have income - but are thinking of taking money out of their retirement to pay the loan off



we need to take our name off the rossmoor home so that we can qualify for a house since we still have the house in cypress that we are renting



what's the best way to transfer the title and loan to my parents? it's not an assumable loan - it's 30 year fixed. i was told that we would have to "sell" them the house so that they can buy it and go into escrow.



can we do this without having a realtor help us? we have a loan broker who's been helping us get all of our loans - i don't know if he'll be able to help us do the paper work</blockquote>


If your loan broker is good, and actually knows what he is doing, then you can have the escrow company the broker uses to do the transaction with your parents. There is no need to use a Realtor for this transaction if the escrow officer and title officer know what they are doing. They can't advise you on what to to do, and they will not be held liable for any mistakes, because the paperwork will be your responsibility to get correct.