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Selling to a Friend or Family Member

Tuesday, June 1, 2021   /   by Mitch Stein

Selling to a Friend or Family Member

Selling to a friend or family member might sound easy. Not having to put your home on the market or having to find a qualified buyer, but if you choose to go this direction, there are a number of things that you should take into consideration. 

Get professional help. Both sides should be properly represented when it comes to drafting and reviewing all necessary documents. When it comes to pricing, how can you be sure that you are getting the best market value for your home? Keep in mind, there can be tax implications when selling your home. This is especially true when selling your home to a family member or friend for below market value. Try to avoid seller financing or the seller taking over your mortgage unless you are released from future liability. 

Make sure that all contracts are in writing! Even a simple home sale can be a complicated transaction. Keep in mind that a realtor can guide you through the process and help you avoid potential risks. 

If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070. Mitchell Stein License# 0208163
Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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