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re: Property issue
Posted on 9/7/18 at 12:17 pm to TigerDat
Posted on 9/7/18 at 12:17 pm to TigerDat
Depending upon your parent's equity in the home and the relative portion of the value of the piece of land you want, the bank may sign off on a subdivision of the land. If your parents owe 100K, the land is worth 500K, and you want 50K worth, I doubt the bank will care that much.
Other option would be, what if your parents gave you a land lease for the piece of the land you need? A 99 year lease or something. I don't know if YOUR bank might have an issue with that, though.
Other option would be, what if your parents gave you a land lease for the piece of the land you need? A 99 year lease or something. I don't know if YOUR bank might have an issue with that, though.
1
Posted on 9/7/18 at 12:54 pm to LSUFanHouston
Thanks for all the opinions, we possibly will not NEED to take out a loan to build.
Yes I know they can't just donate it to me if they dont own it, but wasnt sure what options we had.
Yes I know they can't just donate it to me if they dont own it, but wasnt sure what options we had.
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