Ron S asked:


I am buying a house from a relative for $200k. The property appraised for $270,000; they’re selling to me for $200k since I am a relative, and the property is paid off so it’s basically $200k in their pocket. Is it acceptable to get a loan for say $230,000 to retire some other debts? In a sense, I’d be immediately getting a “home equity loan” in the first mortgage.

Jack