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10-01-2007, 09:43 AM
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ok my brother wants to buy a foreclosure house...
...but get this hes 16years old? any i was wonder if its even possible for him to buy a foreclosure house it kinda peaked my curiosity
and i heard that its possible if he has like our parents to co sign and the house i s only 20,000and the mortgage was $171 actually inm thinking of geting it lol     |
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10-01-2007, 01:41 PM
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Anyone under the age of 18 cannot enter into a legally binding contract. This includes real estate.
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10-01-2007, 02:51 PM
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only if he has cash and/or someone cosigns the loan. I personally would be very wary if I were to purchase a house from a 16 year-old. In most jurisdictions, a contract signed by a minor (under 18) is not legally binding.
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10-01-2007, 04:42 PM
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The short answer is probably not ... he's not at the age of majority where he can be legally bound by a contract that he would sign. In most states, that's 18, so he may need to wait a couple of years ... UNLESS he can get someone who is of legal age to be party to the transaction, too.
The other thing to consider is that for most foreclosure sales, the winning bidder is required to put up a substantial deposit ... usually 10% of the outstanding mortgage balance. That deposit is non-refundable in the event that the sale doesn't go thru (except if it is stopped by the courts or reclaimed by the owners during the redemption period). |
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10-01-2007, 06:30 PM
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he cant buy it...hes 16.
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