There are a few things you need to take into consideration before making this decision. Selling your home to a family member can be a great way to keep the property in the family, but it’s not always the best financial (or relational) decision.
Here are a few things to think about before selling your house to a family member:
1. What is the market value of your home?
Be sure to research the market value of the home before selling. You might consider selling the property for a big discount to a family member, but it’s still important to know what you stand to make or lose by going this route.
2. Are you sure the family member can afford it?
Be realistic about a family member’s ability to purchase the home. If they can’t afford the property, selling to them may not be the best option — and it might end up wasting a lot of time. Be sure they can get pre-approved for a loan.
3. What are the emotional implications?
Selling your home to a family member can be an emotional decision. Be sure you are comfortable with the idea of this arrangement before proceeding. If there are any nagging doubts, it may be best to sell to someone else.
Hope that helps!
If you want to know what you could get for your property by selling fast for cash, give us a call at (636) 355-3055. We can buy your house as-is, and you pick the closing date.