20 Aug Selling a house to a family member who already owns it and lives there
A few years back I let my cousin buy a home under my name. He paid the down payment and has been completely paying the mortgage and living there. I have no involvement other then being listed as the owner and on the mortgage. I am now ready to purchase my own home so I need to get his home/mortgage off my name because I don't make enough money for the bank to justify another mortgage. The home is valued around 350,000 and he owes about 150,000. Since he has payed the down payment and mortgage I would like to just sell the house to him for the reminader of the loan, 150,000. Since it's his home and has been living there since it was built we don't want to do any inspections so we can keep costs down, unless required by law. What would be the easiest and cheapest way to go about doing this? Would we need a real estate agent or attorney involved?