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

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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11 thoughts on “ok my brother wants to buy a foreclosure house but get this hes 16years old?”

  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. 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.

  3. 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).

  4. 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.

  5. 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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