Selling a house to your child is a great way to keep a beloved home in a family for many years to come. Whatever your reason for wanting to sell — financial, retirement, estate planning, etc. — it doesn’t necessarily mean that it’s an easier process than selling to a stranger. In most cases, the process is essentially the same.
For example, it’s still beneficial for both parties to:
- Have the home appraised and inspected.
- Acquire financing through a bank or mortgage lender.
- Transfer the deed to the property from the current to the future owner.
- Hire a Realtor and attorney to help complete the complex transaction.
The list goes on and on.
Typically, financial issues are one of the biggest problems we see when selling a house to your child. While it may be tempting to offer financing to a family member, it’s usually better to have the financing handled through a traditional mortgage lender. Family financial situations can and do change over time, and if they do, it can put a tremendous strain on both your real estate transaction and your relationship.
Selling a home is a complex transaction with many twists and turns. Selling a house to your child is no exception. For more information and assistance, please contact The Olear Team today!