Are there laws preventing me from selling my home to my live-in boyfriend?
I need to get out of a high rate adj. mortgage, and selling to him seems to be a good idea, and the only option I have left to get out of this mess. I don’t want to lose my home. But are there ethic laws that would prevent him from getting financed.
7 Responses
jane
09 Feb 2010
txrealestateagen
09 Feb 2010
It won’t be a problem. He will have to qualify for a loan.
Make sure you don’t have a pre-payment penalty. You might owe your mortgage company more money depending on how long you have lived there and what the terms of the mortgage are. Not all mortgages have pre-payment penaltys, but make sure so you don’t have any surprises later.
Odessa R
09 Feb 2010
No ..you can sell to whom ever you wish …No one can tell you who you can sell your home to
larry B
09 Feb 2010
You can sell your home to anyone you want, its yours.
Diane S
09 Feb 2010
no…you can sell to whoever you want…just make sure that he pays fair market value….you don’t want to give it away cheap just because he is your boyfriend now….he may not be at some point in the future….or have you thought about refinancing it yourself? Good luck
jammyg1305
09 Feb 2010
No, but you have to go through all the legal formalities to do it. Its just like selling it to anyone else except you haven’t put it on the market.
My sister used to rent a room at her friends house. A year later her friend moved out into a new house with her boyfriend so she sold the old house to my sister. Its the same thing.
Melissa M
09 Feb 2010
As long as your are not inforeclosure you can sell to anyone. Alot of times mortgage companies will not finance a home currently in foreclosure, even if the buyer is qualified. If you are in foreclosure, work out a repayment plan with your mortgage company, then sell to him, especially if you are in an adjustable rate mortgage.
you can sell your house to anyone you want as long as they are financially able to buy