Location: Texas
Submitted 07/07/12 12:41 AM

Q. I bought a home back in november of last year. I am currently overseas but my wife is staying at the home with her brother and girlfriend. I am military but it is down as my primary residence. Is that correct? I pay for the house but her brother pays for the water, electricity ect. Also, at the end of this year, we will be moving to Hawaii. I want to get rid of the home. Could I just have her brother take over the payments? Could he be the new owner of the home?

 

Answer #1
Submitted 07/07/12 04:13 AM
Rick Snow (First Choice Realty): Agent in El Paso, TX Rick Snow (First Choice Realty)
Agent
El Paso, TX

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A.

As long as you are deployed and your wife is living there it can still be considered your primary residence. It doesn't matter who pays the utilities. Most likely your brother-in-law could not just take over payments and become the owner of the house without going through the lender and qualifying. Your loan may be assumable, but most likely not without the new buyer qualifying. If you have only been in the property since November it may be difficult for you to sell and be able to break even. It may be more advantageous to you to rent it out.

Hope that helps, good luck and thanks for your service.

Rick
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