Reply to In-laws bizarre dynamic: living together edition

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[quote=Anonymous][quote=Anonymous]Op here.

Question about mortgages.

FIL is now isolating himself and refusing to join in with the family for Christmas celebrations. He is still deeply offended my SIL told him to not use a steel potato masher on her teflon pots.

My husband is refusing to discuss any of this with his brother or Dad. I looked up the home sale, it turns out FIL sold the home above market value. We all assumed FIL had sold it for well under market value in exchange for "always having a room" …

Can you take out an initial mortgage and get a large sum of cash back for debt consolidation or other purchases? BIL/SIL have not done any major renovations, the home is still pretty much as is aside from some painting and small fixes. [b]The home was assessed at 565K and sold for 632K,[/b] DH and I were under the assumption the house was purchased for 400K. So either BIL took out a different type or mortgage or FIL just took complete advantage and my BIL/SIL are the suckers here.

None of this makes sense. I don’t understand how or why FIL would still act like he owns the home despite that BIL bought it free and clear *at market value* ….[/quote]

Do you mean to say assessment or appraisal here? An assessment is by the county for tax purposes and tends to lag market value, so is always a significant amount lower than what a house would sell for. An appraisal gives a better idea of market value, but that number would not be publicly available. 
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