This broker has sibling clients who are making a complicated transaction including an inherited home. Can you help?
This broker has sibling clients who are making a complicated transaction including an inherited home. Can you help? Here are the details:
- Brother and sister clients who have a residential property which is still in their parent’s names. As they are now deceased they have probate, etc.
- Currently there is a debt of $55,000 on the house, which is being sold.
- They are going to subdivide their existing property to sell off two blocks - one of which is already sold.
- They need finance to purchase a new residential property as soon as possible.
- As the broker understands it, the debt is assessed on the end debt for servicing purposes.
- Total security value is about $450,000, and new security is to the value of $550k.
