Selling a house is rarely an easy process. That’s why the option of selling your house to a family member can be particularly appealing. Not only will you sell it quickly, but you’re selling to someone you care for who will appreciate your home.
However, there are risks involved. If you don’t do things the right way, you could end up damaging your relationship. Be sure to keep the following three tips in mind when selling a house to a family member:
- Establish the logistics: Sit down with your family member and determine the logistics of the sale, such as what professionals will help (including agents and lawyers), what the timetable of the sale should be, and more. Doing so will help avoid confusion and miscommunication.
- Get an appraisal: Whether your family member is planning to take out a mortgage or not, be sure to have a professional appraisal of your home before you strike any agreements. The last thing you want is to learn you’ve priced the home too high or too low. If the value of the house doesn’t match the agreed-upon price, there could be problems between you and your family member.
- Work with a real estate agent: You might be tempted to work without an agent since you’ll be dealing with someone you know. However, it’s a good idea to have an agent as an intermediary when it comes to the home buying and selling process. An agent can help with negotiations so you don’t strain your relationship.
Selling your house to a family member can be beneficial to all involved. Be sure to use these tips to avoid potentially straining your relationship.
For more home selling advice, contact us at Randy Lindsay today.