Best Practices When Selling Your Home to a Relative
Keeping your home in the family? Quicken Loans has a few pieces of advice.
What happens when your house is on the market and a family member wants to buy it? Selling your house to a stranger can be pretty straightforward, but selling to family is a little different. We reached out to experts for tips on how to make this a smooth process.
Hire a Professional Title Company
Doug Gartley, Associate Broker at In House Realty, says a real estate agent is not always necessary when selling your home to a family member. He mentions that not only does this save you on commission costs, but you won’t have to prepare your home for showings.
If you decide to not use an agent, it’s still important to use a title company as a mutual third party. Gartley explains that a title company will prepare your purchase agreement and closing documents. You’re able to put your offer together in writing through your title company, which could get you ready to close in 45-60 days.