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ok my brother wants to buy a foreclosure house but get this hes 16years old?

November 14th, 2010 Leave a comment Go to comments

any i was wonder if its even possible for him to buy a foreclosure house it kinda peaked my curiosity
and i heard that its possible if he has like our parents to co sign and the house i s only 20,000and the mortgage was 1 actually inm thinking of geting it lol


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  1. linkus86
    November 14th, 2010 at 13:03 | #1

    He can do so only if his parents or legal guardian cosign both the contract, the mortgage and any other contract involved with the purchase. Otherwise he has to wait until he is 18 or become legally emancipated from his parents.

  2. john e
    November 14th, 2010 at 13:03 | #2

    He can buy it but he cant sell it as a minor.

  3. Misty Fied
    November 14th, 2010 at 13:03 | #3

    Anyone under the age of 18 cannot enter into a legally binding contract. This includes real estate.

  4. Heather C
    November 14th, 2010 at 13:03 | #4

    only if he has cash and/or someone cosigns the loan. I personally would be very wary if I were to purchase a house from a 16 year-old. In most jurisdictions, a contract signed by a minor (under 18) is not legally binding.

  5. Dale … Your Maryland Net Realtor
    November 14th, 2010 at 13:03 | #5

    The short answer is probably not … he’s not at the age of majority where he can be legally bound by a contract that he would sign. In most states, that’s 18, so he may need to wait a couple of years … UNLESS he can get someone who is of legal age to be party to the transaction, too.

    The other thing to consider is that for most foreclosure sales, the winning bidder is required to put up a substantial deposit … usually 10% of the outstanding mortgage balance. That deposit is non-refundable in the event that the sale doesn’t go thru (except if it is stopped by the courts or reclaimed by the owners during the redemption period).

  6. Pobept K
    November 14th, 2010 at 13:03 | #6

    at age 16 he can not enter into a legal binding contract.

  7. Babyangel52304
    November 14th, 2010 at 13:03 | #7

    he cant buy it…hes 16.

  8. Mary B
    November 14th, 2010 at 13:03 | #8

    He can’t even buy it, because that requires a contract…and a minor cannot sign a contract OR a mortgage.

    That is why you see alot of very young celebrities get emancipated, so they can sign contracts on their own.

  9. XxAsiaxX525
    November 14th, 2010 at 13:03 | #9

    to be on the deed of a house you must be 18 yrs old

  10. alterfemego
    November 14th, 2010 at 13:03 | #10

    Not in the US. You have to be 18 years old, sane and sober.

  11. R3D3
    November 14th, 2010 at 13:03 | #11

    In my state (California) and I think most other states, the answer is YES BUT there are some big problems.

    An 18 year old can not sign a valid contract.

    However, it is not required to sign a contract to by a house. Lets say a 16 year old hands me $2,000,000 and I sign a deed to my house to him. He/she is now the owner of the house. He/she CAN NOT sell the house until they reach age 18 because to sell a house, you must sign the deed as the owner.

    No offer a 16 years old signs is valid as an offer is a proposed contract and he/she must be 18 for the contract to be valid.

    No lender will make a loan to anyone under 18 years old because any contract he/she signs is not valid and the lender can not collect the debt.

    So, a 16 year old can buy a house but it IS VERY UNLIKELY TO HAPPEN.

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