Stressed is desserts spelled backwards. So let’s start the meal with pie and ice cream. With proper planning and timing your real estate transaction should go

How to Sell Your House to a Family Member

If you’re considering selling your house to family, you might be nervous at first. And rightfully so! Investing in a home is a huge deal. There’s a great deal on the line so you want to ensure everything goes effortlessly. With loved ones especially, you want to avoid any unnecessary stress. If you’re looking to involve a member of family in a real-estate purchase, keep these important rules in mind.

1. Utilize a professional real estate agent to facilitate the sale. When it comes to selling property to family, don’t just leave it up to handshake and a verbal agreement. There’s too much on the line. It’s important to utilize a real estate professional that who knows the area well and knows what it’s worth in this market.

2. Make sure the price is reasonable. It’s only natural to want to extend the best possible offer to a loved one, but don’t get it done at your expense. If you’re selling property to family, don’t put yourself in a situation where you’re going to lose just to help. Have an appraiser evaluate your home to make sure both are receiving the best deal.

3. Don’t gloss over finances. You may feel unhappy when delving into finances with a family member. Try not to assume she or he will immediately be eligible for a home loan. Instead, insist they get pre-approved for a mortgage before you consider an offer for your house.

4. Be honest about any issues. If there are issues that needs to be addressed like a major crack in the foundation or a plumbing concern, make certain to disclose this. After the sale, they won’t feel duped and you will avoid any hurt feelings in the future.

5. Make sure that all are aware of your relationship. Never try to conceal that you’re selling property to family. Your lender should know your situation. If you make an effort to get sneaky, you might be accused of committing mortgage fraud.

If you’re considering selling your home or you are in the market to buy?
Consider working with Mike Bolger from Coldwell Banker.

Mike Bolger, Sales Rep

Coldwell Banker Peter Benninger Realty, Brokerage

508 Riverbend Dr

Kitchener, On N2K 3S2

+1 (519) 616-2656