Selling My Home to Family

Written by Leslie on 12/03/2019

Selling My Home to Family

Selling My Home to Family

After I originally bought my home and invited family members to a potluck supper one night, my cousin asked me to let her know when I wanted to sell it someday in the future. That day has finally come. I have taken a job in another state, so I need to sell my home and move away. But, selling my home to family might turn out to be a bit complicated.

I have the option of hiring a real estate agent at a reduced commission, just to handle to paperwork for closing our sale. I know better than to create the complex documents myself. The pile of papers on the closing table when I bought my house was about two inches thick! There’s no way I can produce those documents or explain them accurately to my buyer.

The legal documents are just one thing that complicates selling my home to family. But there are other parts to the real estate transaction that also concern me. For example:

  • What should I do if my cousin wants a “family discount?”
  • How will I handle the property inspection report if the inspector finds issues needing repair?
  • Who will pay for legal fees and closing expenses in a private sale?

Hiring a Lawyer to Close the Sale

I also have the option of hiring a lawyer to close the sale of my home to my cousin. I can ask how much a lawyer charges per hour, or how much he would charge for handling the entire transaction. A transaction fee might work best for me because I’ll know how much will be deducted from my proceeds for his fees at closing.

Lawyers prepare the sale and the closing documents, and they calculate any property taxes due to the exact closing date, as well as other legal fees charged by the city, county or state where the house is located.

To summarize, I will pay a commission to a real estate agent or I will pay a fee to a lawyer. One way or the other, selling my home requires professional services that will be paid at closing and will reduce the amount I keep after the sale.

Selling to a Real Estate Investor

To avoid the possible issues involved with selling my home to family, I could call a real estate investor instead. We Pay Fast has well-established professional buyers who buy homes as an investment. They pay all costs at closing so there’s nothing deducted from the cash they offer me. And they are prepared to schedule a closing within a week from making an offer.

Calling We Pay Fast at 405-521-1807 is the fastest, easiest way for me to sell my house and avoid the issues I may face selling to family. I can also email [email protected] to get a call back from a professional buyer instead.