Selling to a Friend or Family Member
Selling your home to a friend or family member might sound easy. Not having to put your home on the market… Not having to find a qualified buyer… But, if you choose to go this direction, there are a number of things you should take into consideration.
Get Professional Help. Both sides should be represented when it comes to drafting and reviewing all necessary documents.
Pricing. When it comes to pricing, how certain are you that you’ll be getting the best market price for your home?
Keep in mind, there can be tax implications when selling a home. This is especially true when a home is sold to a family member below market value.
Try to avoid seller financing or the buyer assuming your mortgage unless you are released from future liability.
And, obviously, all agreements should always be in writing.
Even a simple home sale can be a complicated transaction. Keep in mind that a REALTOR can guide you through the process and help you avoid potential risks.
