Sell A House to Family
During the continuing Covid10 pandemic, which has spiked again as fall weather is arriving, you may wonder if you should sell a house to family. Perhaps your children or your parents are suffering from financial or health issues now and you want to help them out. Everyone needs a place to live, and some homeowners have more than one option. They may own a vacation home or an investment property, too.
Selling a house to family members is a touchy situation, ask anyone who has done it, or tried to do it and failed. There always seems to be more emotion involved in a real estate transaction with family members on both sides. In a way, buyers and sellers are adversaries, even when they agree on a sale price. Problems often arise over other aspects of the transfer of property, other things that have nothing to do with the sale price.
Some examples of sources of problems between family members in a home sale are: 1) age of the kitchen appliances; 2) condition of the furnace and air conditioning unit; 3) ownership of the washer and dryer; 4) ownership of the window coverings; and 5) ownership of the outdoor patio furniture and grilling equipment.
Misunderstandings over who owns what can lead to big blow-ups within the family, not just between the buyer and seller but also involving other family members who take sides in the disagreements. In addition, discounting the sale price to family can have tax consequences for you, the seller.
Sell A House to We Pay Fast Instead
Although it may cause disappointment to some family members at first, when you sell a house to We Pay Fast instead of selling it directly to family members you may be on track for everyone to get what they want. You will receive your cash equity at closing from We Pay Fast, and anyone in your family who is seriously interested in buying it may be able to purchase it from We Pay Fast as the seller in a second transaction.
Selling to We Pay Fast gets you out of the family dispute loop as well as providing you with quick cash at closing, within a week to ten days of signing a purchase agreement. Sellers pay no closing costs in their transactions with We Pay Fast, so the sale price you agree to is the same amount you will receive as proceeds of the sale.
You can potentially sell a house to family by calling We Pay Fast at 405-521-1807 or emailing [email protected] instead. And your family members who are serious about buying the house can enter into an agreement with We Pay Fast to purchase it later.