How would my husband buy a house that already owns half of?

My husband's mother passed away a year and half ago. His brother is the executor of the estate. There is a house that they are trying to sell. My husband and I would really like to purchase the house but are not sure how to go about doing it. He technically owns half of the house and his brother the other half. His brother wants to get his half of the house so we know we would have to go through a loan to get it but we're not sure of the best way to do this. The house is valued at 100,000 so our share would approx 50,000. Our credit is pretty bad too. Does anyone have any suggestions or advice or information on the best way to do this?





Thanks!|||It is like buying and selling actions of a companie: your husband has 50% of the actions and his brother the other 50%. The bank credit and everything will be about buying a half.


Your only problem is your credit. I don't now if having half of the house (that means you already have half of the money of the house full price) will be enough to get a bank credit but I'm sure it will help.|||You are buying his brother's share out. You apply for a loan and tell the loan officer that. Is there a mortgage on the house, if so that will have to be paid off and you two will get a new mortgage.|||Does his brother want to sell his share? Then it should be no problem. When working with the bank, you should not have a serious problem even with bad credit. Since you are only borrowing half the value of the home the loan is essentially secured by the equity (the $50,000 that he inherited) in the house. This means that even if you never made one payment they could sell the house for enough to cover the principle plus the interest.|||You have to do a not-arms length purchase, with bad credit it is possible because you can get a gift of equity from immediate family. This will mean you buy the house for 100,000 and only take a loan out for say 60,000 that will cover closing costs, fees and your husbands brother's 50,000. Find a subprime lender in your area and tell him you want to buy a house using gift of equity.|||If they're both already on title, you can treat it as a refinance and "Quit Claim" the brother/executor off. Depending on how bad your "bad credit" is you might have to go to a sub-prime lender.