Author Topic: Buying home from parent  (Read 840 times)

justchecking

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Buying home from parent
« on: January 24, 2023, 10:27:07 AM »
I have an LLC and am thinking about buying my parent's home from them.  They would like to then rent the home back from the LLC.  I am wondering how you come up with a fair price without using an appraiser.  Has anyone done this before?

nereo

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Re: Buying home from parent
« Reply #1 on: January 24, 2023, 01:09:57 PM »
Why do you wish to use the LLC?
Why do you want to avoid using an appraiser?

Appraisals are based on comps which have recently sold in the area. Most of that information is easy enough to find, and is what sites like Zillow use to guesstimate your home (though they can’t factor in differences in fit &f in ish and deferred maintenance).

The problem with doing it yourself is that you cannot be unbiased.

 

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