What are some special considerations when selling your house to a family member?

Answer by  Latin4 (11170)

Don't give him a deal. Sell as you would to anyone else. This will free you of any guilt. List problems you are aware of and let him sign off.

Answer by  Jessie124 (1885)

You want to protect yourself legally, just as you would when selling to a stranger. If you sell the house 'as is,' you might have to take less for it but it can save you a lot of headaches in the long run. Make sure there is an attorney involved because selling a house can be complicated.

Answer by  kennethjgoodson (4903)

I wanted to buy my wifes grandma's house and it was almost one of the worst ideas out there. We have a family that talk alot and there is just no way I can live with that.

Answer by  withluck (1745)

When selling a house to a family member make sure all the proper paperwork and necessary documentation is done. This will protect both of you in case something happens that neither of you anticipated. Close the transaction through a trusted attorney or title company to make sure everything is done correctly and recorded correctly.

Answer by  homehelper (29)

Selling a home to a family member can cause tension if you are not honest about the home's condition. Be honest about any potential problems. If any do it yourself maintenance was done be honest about the condition of the work.

Answer by  Emr (698)

Treat the matter like a business transaction. Its a good idea to hire a real estate lawyer or realtor to broker the deal.

Answer by  tkoriginal (90)

Special consideration #1 is that someone will feel like they got a raw deal. If everyone is of the understanding that one party is doing the other party a huge favor then you are going to be alright.

Answer by  Rogbog (203)

Make sure there is a clear seperation between you and the family member. When you sell the house you want it completely out of your name and in the family member's name.

Answer by  CarolynOsborne (2804)

Prevent relationship problems. The relative should obtain a bank mortgage, not a loan from you. It is really important to disclose any problems with the house so that person doesn't get any surprises. Disclosure is difficult because when you live with a house, you get used to its oddities. Get a friend to help you go through the house.

Answer by  Liz59 (10966)

Depending on how close the family member is, they may want some kind of substantial discount. If they are close to you and you sell it for considerably more, they may hate you for it. There are a lot of complicated things involved and it cause hate-love relationships. So be careful.

Answer by  amtcura66 (1340)

IF you are selling your house to a family member then you should treat the situation the same as though you were selling it to a stranger. Make sure they can afford it and will treat it right. Although, if you sell it to a family member then you might not have to do as many renovations.

Answer by  jamescruz (45)

Let me tell you one thing that it is a business rule that business and family are separate entities. So deal this matter as a business transaction.

Answer by  Lubna (16)

When selling our house to a family member, then we have to consider about the price of the house. We should take care about it.