Newsflash: My mother offered to sell me her house, but it has problems…[NH]

So, my mom has offered to sell me her house at roughly half its current tax value, and while we are interested we are faced with some problems. First, the house needs foundation work(not sure if that’s “sometime” or “right away”, though) and it has extensive asbestos wrapped around pipes in the basement(and not looking super in a couple spots). It has carpenter ants and mold, and just is overall a house built in 1840 and neglected for a few years… So, as far as I can tell, we’re looking at a 203K loan as our only option- but can I buy from a relative with it? I can’t find an answer to that when I look(wrong search terms?).Also, she was worried that it would be considered a “gift” if they let us have the house for significantly under the official value- I believe for tax reasons? My husband and I are very handy and willing to deal with the non-structural issues ourselves, but I would like to know if the 203 K is our best bet(assuming buying from relatives is ok), and if there is even any other financing options available to us… Any help or suggestions of where to do more research would be greatly appreciated.

Read more at https://www.reddit.com/r/RealEstate/comments/6ceabd/my_mother_offered_to_sell_me_her_house_but_it_has/?utm_source=ifttt

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