The biggest question which may be coming into the mind of many home buyers is that can they ask to get the help of parents to buy a home.
Many couples would like to buy the home, but the real estate prices may be higher at that time must have been exceeded with what the budget they have made to purchase the house.
They must be short of few thousand dollars, and they also don’t want to give the plan to buy the home for themselves.
The only quick solution they ought to think is that they can ask for the parents of one of the spouse if knowing, they will get the remaining amount of the down payment.
But the question arises here is how to ask, do they got a nerve to ask the parents for home buying help. Should they also offer to pay it back, or maybe paying back with some interests.
It is the big question of how to tap into the accounts of mom and dad and still would like to have everything smooth in the family.
In some of the cases, it may be very tough to ask the parents for the help to buy the home, as every family is different. And at the same time it is also easy to think that every parent would like to help their children to buy a home, but in reality, that’s not always the case.
Most of the people had gone through some bad experience when they asked their parents for the help; I had my friend when he bought his first house, he is already having down payment and closing cost in his hands.
But the one thing which he had ignored is that he has to pay off the car loan so that he can get the mortgage. He called his parents for the help, and the flat reply from the parents was – ‘Why Should We Help You? When we never got any help’. And this was the response which my friend was never expecting.
The parents had the money in their bank account, And my friend promised them he would duly pay back them within some months. But there still some hesitation with the parents.
The only thing which my friend can do is to do some emotional blackmailing; he warned his parents that he would be at their doorsteps with all his stuff if they won’t help him out. And what’s next his parents wired him the money to his account.
Reasons For The Parents To Help Their Children
· Some of the parents would love to see their children owing to the home.
It is the observation that the if the parents own the home, they would always like to see that their children should also have the home for themselves, and they will help them in doing so.
· Parent feels empowered when their adult children ask them for the money.
For most of the parents, it is their satisfaction that they still matter and makes the difference in the life of their adult’s children.
· Some of the parents would like to ensure that they will have grandchildren.
Most of the parents feel that it will be easier to raise the children in a home rather than in the apartment. After all having a home is the dream of every American. Parents also want to see their grandchildren live in the family neighborhood.
· Parents would like to lead their children to their next level of success and don’t like to wait for the will to be divided.
Parents must be knowing that how difficult it is to own a home when they bought their first home, and as parents, they would always like to make the things easy for their children.
· Parents always love their children.
You should never forget that your parents always like you to be happy. Most of the parents would like their children to be successful and enjoy all the goodness of the life. Parents think if they can do anything for your success they feel it will be their success.
· There are some tax benefits too.
Tax laws always allow them to gift in the form of cash up to a certain amount to their children. You can always get more information on this from your tax consultant.
Tips To Ask Your Parents for Money to Buy A Home
Before asking the parents for the help to purchase the home, you should always make sure whether you would like to return the money or accept it as a cash gift.
· Ask for the help from your parents in person.
It is always advisable to ask the money from your parents in person, avoid requesting them to help on the phone.
· Try to be prequalified from the lender.
You should always present yourself in front of your parents that you have already taken the necessary actions. And you have made the efforts to get the preapproved loan letter from the lender.
And if a lender can have faith in your abilities, there is no chance that your parents don’t have confidence in your abilities.
· Tell your parents that you have hired a real estate agent.
You should always show your parents that you have the agent the at your side, and this way you will seem prepared.
· Request your parents to see the home with you.
You should ask your parents to see the home with you, and maybe they are well experienced to give you the better advice.
· Explain your financial needs to your parents.
There is always a possibility that you must be having high incomes, but due to modern and pressing demands, you might not be able to fulfill all the needs.
In case you find the home at the attractive price, this might be the proper time for you to buy the home for you. And your parents will always understand your genuine financial needs.
In case you opt to pay back the cash gift, you can always be able to do that and can even pay some interests to your parents for their such a kind help in your home buying process.