Buying a family member out of parents house?
I own a home in AR and am buying my brother out of his part of my moms house in MD. The “new” mortgage rules stat according to my lender that I have 30 % equity in my house in AR to qualify for a mortgage in MD. With real estate market prices dropping my home was under valued on the assessment. i am challenging it according to recent comps which are few and far between. (i paid 101 and new assessment was 111,000) other comps were 120s to 130s
is this correct procedure or what should i do to improve situation
Get a real estate attorney (not an agent) to review the contract buy out and offer you better advice. It’ll cost you, but it should be worth it.