which way to go?

[ddbailey6]

What is the name of your state? Oklahoma

My mom-in-law owns her home free and clear. She wants to sell it to us. With out going through a real estate company what would be the best way to go? Would it be better to have her quit claim it to us and then take out a loan on the house? I am confused and have never bought a home before. Would this be a mortage, even if the house is paid for and we are taking out a loan w/ using the house as colliteral, is that even possible?

 

[kingston]

The easy way

The easiest way to get it done is exactly what you just said have her quit claim the deed and record it

As long as this is simply a transfer of ownership then this should work

It would probably be in your best interest to do a title search to make sure nothing is affecting title.

If you wanted you can have a title agency handle the transaction for you

 

[MortgageGuru]

More specifically, if you need a mortgage on the property in order to buy it from her, have the loan done as a refinance and leave her on title. Then have her quit claimed off title after the loan is closed and funded.