You can easily find a top agent with relevant qualifications for the job through HomeLight. Real estate agent: For a reduced commission rate, an experienced agent can help minimize challenges and coordinate the sale.The following resources may also be of assistance in your family sale: Familial strain: Disagreements about the process can cause some strain between family members if things don’t go according to plan, and that’s another possible risk to be aware of when selling a house to a family member.The entire deal may be completely above board, but lenders might see a higher potential for fraud and may require some extra steps to get you all squared away. Financing hoops: You may face additional scrutiny from the lender if your buyer will use a mortgage for their purchase.You should also be advised of the capital gains implications, particularly for the relative receiving the home, if you gift the entire home. Taxes: It’s not a guarantee that you’ll owe taxes, but you may have to report a “gift of equity” that exceeds a certain amount to the IRS.You will just need to prepare for some additional complexities, such as: Not to worry, it is definitely possible to sell your house to a family member.
Sometimes you just want to keep an important house with countless memories in the family. It’s often a generous gesture and an arrangement families consider to help each other out financially. Your next logical thought is: Can I sell my house to a family member? Only about 8% of people sell their home to someone they already know, but you personally want the buyer of your home to be your son, daughter, grandchild, or another relative - and you wouldn’t have it any other way! If your budget allows, you may even desire to give your loved one a discount on the home’s price.
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