In New Mexico, it’s a common practice among family members to sell their homes to their loved ones instead of on the open market. This type of sale helps to maintain ownership of the family’s property and ensure that the home is passed down to future generations. This presents an excellent opportunity for both family members as this type of purchase has many benefits.
When buying a home from a relative, it’s imperative to use a local lender like Indigo Mortgage, as our team can sit down with all parties and curate a plan of action. Also, the seller, often a parent or grandparent, can gift the buyer equity as a down payment, which the buyer can use to pay all closing costs for the borrower. It’s important to note that this situation is not something a national or out-of-state lender will help navigate.
Indigo Mortgage has helped many families over the years, guiding them through the process of the gift of equity, and we are the experts in it. Call Indigo Mortgage today if you want to sell your property to a family member and receive top-notch service.