Father and Son From Rental to Ownership - is this possible

Any general questions you might have in regards to loans and finance.
MrHopeful
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Joined: Sat Mar 20, 2010 12:02 pm

Father and Son From Rental to Ownership - is this possible

Postby MrHopeful » Sat Mar 20, 2010 12:12 pm

I live in a house I have rented for 10 years - my landlord wishes to sell the house within 12 months. I am married with mostly grown up children. Can my son and myself combine forces to purchase the house. He has $3500 car loan with no other debts but with very little savings - he is a carpenter 22 years of age $38000 PA I am 47 with an income of $40000 PA but with about $12,000 worth of debt. Is there any way we can purchase this house in the next 12 months - house value about $290000

Thanks MrHopeful

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Otto Dargan
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Re: Father and Son From Rental to Ownership - is this possible

Postby Otto Dargan » Sun Mar 21, 2010 5:23 pm

The problem that I can see is that if there is no savings and no guarantor available then it simply will not be possible. From a banks point of view there is a lack of security, you would be borrowing 100% of the property value. So unfortunately it is unlikely we can help.
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