{"id":1041,"date":"2016-02-26T15:15:25","date_gmt":"2016-02-26T23:15:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1041"},"modified":"2016-02-25T09:39:29","modified_gmt":"2016-02-25T17:39:29","slug":"selling-property-to-family-5-rules-for-a-drama-free-transaction","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/selling-property-to-family-5-rules-for-a-drama-free-transaction\/","title":{"rendered":"Selling Property to Family? 5 Rules for a Drama-Free Transaction"},"content":{"rendered":"

If you\u2019re thinking about selling your property to family, you might be wary at first. And rightfully so. Buying and selling a home is a big deal. There\u2019s a lot on the line and you want to make sure everything goes smoothly. With loved ones especially, you want to avoid any unnecessary stress. If you\u2019re looking to involve a family member in a real-estate transaction, keep these important rules in mind.<\/p>\n

1. Work with a professional to facilitate the sale.<\/strong> When it comes to selling property to family, don\u2019t just leave it up to a handshake and a verbal agreement. There\u2019s too much at stake. It\u2019s important to work with a real estate professional \u2014 someone who understands the Dallas-Ft. Worth market and the process of buying and selling a home.<\/p>\n

2. Make sure the price is fair.<\/strong> It\u2019s only natural to want to extend the best possible offer to a loved one, but don\u2019t do it at your expense. If you\u2019re selling property to family, don\u2019t put yourself in a situation where you\u2019re taking a loss just to help out your cousin or daughter. Have an appraiser evaluate your home to be sure both the buyer and seller are getting the best deal.<\/p>\n

3. Don\u2019t gloss over finances.<\/strong> You might feel uncomfortable delving into finances with a family member or you might assume he or she will immediately qualify for a mortgage. Don\u2019t do this. Instead, treat your loved one like any buyer and insist they get pre-approved for a mortgage before you entertain an offer on your house.<\/p>\n

4. Be up front about any issues.<\/strong> Just because your sister or nephew may have spent many weekends at your home, it doesn\u2019t mean they\u2019re aware of any potential problem areas. If there\u2019s an issue that needs to be addressed \u2014 such as a crack in the foundation or a plumbing issue \u2014 be sure to disclose this to your family member. This way, they won\u2019t feel duped, and you can avoid any hurt feelings in the future. Speaking of being up front \u2026<\/p>\n

5. Make sure all are aware of your relationship.<\/strong> Never try to hide that you\u2019re selling property to family. Your lender should know your situation. If you try to get sneaky, you just might be committing mortgage fraud, and that\u2019s never a good thing.<\/p>\n

If you\u2019re looking to sell your home, and your brother, dad, or aunt is in the market to buy, don\u2019t jump into the transaction too quickly. Do your due diligence to ensure both parties get the best deal.<\/p>\n

Selling Property to Family? 5 Rules for a Drama-Free Transaction<\/a> by Audrey Sellers | Coldwell Banker Blue Matter<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re thinking about selling your property to family, you might be wary at first. And rightfully so. Buying and selling a home is a big deal. 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