My sister and I both own moms house. Mom can reside there but lives with my sister and I. The house needs some repairs before we can sell it. Can we get a loan based on home value and based on being paid off on sale of the home? We may probably need monies to pay taxes and upkeep as well.
Two other good answers, however, one aspect of your question that wasn't answered previously is with regards to the real estate taxes. They can be paid at closing out of the proceeds of the sale.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.
Real Estate Attorney
I would like to tell you it will be easy. Ten years ago that would have been true. Today the lenders will treat this as an investment property and unless you each have a credit score in excess of 800 and a load of cash in the bank, I'm afraid you in for some bad news. I would go to a local lender like First Heritage Federal Credit Union. If a local credit union can't do it, you'll be out of luck.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise.
Many real estate sellers in your situation are able to sell a home that is in need of additional repairs. The real estate contract of sale can be structured for an "as-is" sale, with the terms of the contract reflecting that you will not make any additional repairs. Speak to a real estate attorney in your area.