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Top Things to Know When Selling Your Home to Someone You Know

For the majority of people, the home selling process is hard. There are many steps involved in trying to sell your home at the price you want, when you want. When you have family or friends looking to buy your home, the process can become a little more complicated. Though the family or friend eliminates you from having to find someone to buy your home, there are a few items you should consider as you begin the process.

  1. Keep the price beneficial. It is common to want to decrease the price and give the person you love some type of deal. Providing a slight discount is great and acceptable. However, giving a large discount where you lose money on the sale, are unable to finish paying your mortgage, or do not have any money for your next home is unacceptable. Make sure the price you set is going to benefit you and your family member or friend.
  2. Do not ignore their finances. It is best to interact with your family or friend like you would with any other buyer. You need to make sure that they qualify for a mortgage and are pre-approved. Otherwise, you are putting yourself in a sticky situation either waiting for them to have the finances or having to decrease the price drastically.
  3. Have the home inspected. Though your family or friend may have spent countless hours in your home and feel like they know the house well, work with them to hire a home inspector. It will decrease the possibility of the buyer feeling like you tricked them when problems arise in the future.
  4. Disclose the relationship. Inform the lender of your relationship to the buyer. According to the Federal Housing Authority, you have to disclose your relationship to the buyer in your application. Not doing so results in mortgage fraud.

Though selling a home to someone you know has its advantages, make sure you do not neglect these steps in the process. They will keep you from putting yourself in a tricky position where you could lose money, time, a relationship, and your integrity.

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