How to Sell Your Home to Someone in Your Family




If you’re considering selling your home to family, you may be cautious initially. And rightfully so. Investing a home is a large deal. There’s a great deal at risk and also you want to ensure that everything goes efficiently. With family members especially, you want to avoid any unneeded stress. If you’re looking to involve a family member in a real-estate purchase, keep these important guidelines in mind.

Use a professional REALTOR® to facilitate the sale. With regards to selling the property to family, don’t just leave it up to handshake and a verbal contract. There’s too much on the line. It’s important to use a REALTOR®-that really knows the area well.  Get a free home evaluation.

Make sure the purchase price is fair. It’s only natural to want to decrease the price for someone you care about, but don’t give away too much. If you’re selling a property to family, don’t put yourself at risk where you can lose a lot of money for being kind. If you are unsure about your home evaluation, hire an appraiser to give you a second opinion.

 Don’t stress over the finances. You may feel uncomfortable when going through finances with a member of the family. Never assume that they are not eligible for a mortgage. Instead, ask them to get pre-approved for a mortgage before you take any offer for your home.

 Be upfront about issues in your home. If your family had spent many weekends at your house doesn’t mean they are aware of potential problems. If there’s a concern that should be resolved such as a crack in the concrete or a major plumbing issue. It's only fair to reveal this to the buyer. In this way, they won’t feel cheated and you could avoid any hard feelings in the foreseeable future.

 Make sure that everyone involved in this transaction is aware of your relationship. Never attempt to mislead anyone when you’re selling your home to family. Your mortgage lender should be informed about your situation. 

 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
http://www.mikebolger.ca/
Location: Kitchener, ON, Canada

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