I've grown up in my grandparents house my entire life. They lived two miles away my entire life. Sleep overs, dinners, barbecues, etc.
It's been the plan since I was a kid to buy the house when I got older.
The house is a 4-bed 2-bath, and it's getting to be too empty for them.
They've lived in the house for nearly thirty years. The value of the house is about $340,000. They have about $160,000 left on the mortgage.
They came to me with a proposition for me to buy the house for less than market value, and take the difference, buy a trailer and put it on another piece of property they own and live there.
The current proposition is that I get a mortgage for less than the current market value of the house, probably about $260,000. They then sell me the house for that amount. They pay off the $160,000 mortgage, and take the remaining $100,000 to get them setup on their other property (buy a trailer/fifth wheel, garage, carport, etc).
Are there any concerns with this plan? Do they have to do anything special to facilitate this? Do I?