The Truth about Selling Your Home to a Family Member

Selling your home to a family member can be a more straightforward process compared to selling to a stranger. Or it can be a living nightmare. However, it’s still important to approach the transaction with care and professionalism. Here are some steps to consider when selling your home to a family member:

  • First and foremost, be sure to use the services of a professional Realtor to represent you as the seller. Even though you’re selling to a family member, it’s always advisable to hire a professional that you know, like and trust. You need someone who will guide you through the legal and financial steps of the sale. This alone will help keep the family relationship intact.
  • Next, determine the fair market value of your home. You and the buyer can both conduct research to determine the current market prices for similar properties in your area. Your Realtor can provide you with comparables and offer their opinion of what your house should sell for. If you and the buyer can’t agree on a price, you could get an independent appraisal. This can help prevent potential disputes or disagreements about the home’s value.
  • Once you and the buyer agree on a price, the buyer should meet with a mortgage lender. That step will start the pre-qualification process. This will inform the buyer on how much money he will need to purchase your home. A pre-qualification letter will show you proof that he is qualified to purchase the home.

Next Steps to Selling Your Home to a Family Member

  • Your Realtor can draft the sales contract once the buyer is pre-qualified. That contract will outline the terms and conditions of the agreement. It will include the agreed-upon sales price, payment terms, any contingencies and a closing date for completing the transaction. Also included will be other necessary paperwork such as property disclosures, and Realtor related forms needed to complete the sale and keep everyone compliant with the transaction.
  • The next steps would be for the buyer to hire professional inspectors for any inspections he wants to have. This includes an overall whole house inspection and a termite inspection. Also to be considered would be any specialty inspections such as chimney, septic, sewer line, etc. Any repairs would be negotiated after the inspections are completed. The process of things could be different of course, depending on what part of the country you live in and how real estate works where you are.
  • Once you’ve negotiated your repairs and come to an agreement, the lender will typically order the appraisal. This will actually determine the actual value of your home. Hopefully the house appraises and you can move on to completing the sale and the closing process. Closing typically involves signing the necessary documents, transferring ownership and transferring funds.

In Conclusion

Buying and selling a house involve a million other little steps. For that reason, while selling your home to a family member can be more comfortable to you in some ways, it’s absolutely crucial to approach the transaction professionally.

The right Realtor will:

  • guide you through the sale as a business deal
  • handle any issues that may arise
  • move the transaction along toward a successful closing and
  • have everything documented in writing so there are no misunderstandings.

As a result, you should be able to maintain a healthy relationship and avoid any potential conflicts within the family.

If you are considering selling your home to a family member, I would love to talk to you about how I can protect you in the process and save you time, money and frustration along the way.

If you’re curious about your home’s current value, here’s an easy way to find out what’s going with prices in your neighborhood. Click here and enter your address and a report from our local Heartland MLS will be sent directly to your email!

Check out today’s new listings either below or in the sidebar. Call or text me at (913) 515-3250 to see inside one of these homes. I AM NEVER TOO BUSY to show you a house. Real estate is my main hustle after 35 years! Everything else I do is bells and whistles to enhance your experience!

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(all data current as of 7/12/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

It’s Here – The 2023 Midyear Real Estate Update

Many people are wondering about the local market so I wanted to provide a 2023 midyear real estate update. Is it a good time to buy or sell real estate? In my opinion, a good time to buy or sell is when the time is right for you. Having over 35 years of real estate experience, I’ve worked in many markets. No matter what the market is doing, you will adjust to it accordingly.

Thinking of selling your home?

If you are thinking of selling, there are still plenty of buyers out there who are looking for the perfect home. They may pay a little higher in interest rates right now but they will probably not be paying thousands more than the house is worth.

Don’t get me wrong, sellers are still getting multiple offers in many price ranges but houses are selling at a price closer to the actual market value. Furthermore, many buyers have calmed down from the interest rate hikes in the last few months and know if they find the right house, they can always refinance later if rates come down.

Here’s an easy way to find out what’s going with prices in your neighborhood. Click here, enter your address and a report from our local Heartland MLS will be sent directly to your email!

Thinking of buying a home?

First of all, when it comes to buying a home, I have seen interest rates everywhere from 3 to around 12 percent. I personally purchased my first home in the early ‘80s at 16 ¾ %. Interest rates will always be what they are and there is nothing anyone can do about them. We paid 16 ¾% because I was expecting my first child and in my mind, we desperately needed a house. To me, it was just what we had to do!

Not working with a buyer’s agent?

If you aren’t working with a real estate professional to help you buy a home in today’s market, you’re missing out. The right Realtor will help educate you on the market and how to be a winning offer when looking for the perfect home to buy.

Call or text me at (913) 515-3250 for a complimentary buyer consultation.

2023 midyear real estate update

Below are the latest local statistics from Heartland MLS that were reported in April, 2023 for the Greater Kansas City area:

Check out today’s new listings either below or in the sidebar. Call or text me at (913) 515-3250 or contact me here to see inside one of these homes. I AM NEVER TOO BUSY to show you a house. Real estate is my main hustle after 35 years! Everything else I do is bells and whistles to enhance your experience!

  • List View
  • Map View

See all Real estate matching your search.
(all data current as of 7/12/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.