3 Tips For Selling Your Property To Family Or Friend
Finding the right buyer for your property on the market can be a hard task. After all dealing with a complete stranger you have to start off from scratch with them. But, what if your aunt, cousin or even your friend shows interest in your property? It would sound like a deal to you. Wouldn't it? A buyer you know all about, taking every step of the home-selling process can be much smoother and faster.
But, it is not at all easy when it comes to money matters with a family member or a friend. You might tend to sway and negotiate a price that might be lower than your expectations. Remember property-selling is a not a decision that is guided by emotions if you want to make profits. MakaaniQ lists three tips that will help you take a smart decision when selling a property to a friend or a family member:
A deal best for both
Selling a property to a friend or a family member means that you do not have to go out looking for the right buyer that requires an investment of both time and money. But, that doesn't mean that as a seller you lower the price of a property to a number that is not financially viable for you. While your friend or family member may try to bring down the price way lower than your asking price, give them a discount but only that works well for both of you. What if you still are paying an equated monthly installment for the property or the money you get will be used to buy a new home?
In case you are unable to negotiate, hire an appraiser to give out the right price of the property which you two could agree upon.
Also read: Sell Or Renovate: What Should You Choose?
Don't turn a blind eye to finances
Even though it is your friend or family member, it doesn't mean you turn a blind eye to their financial standing. Just because you know them doesn't mean that they will get a home loan easily. What if their credit score is bad or they are paying another loan? Know this beforehand or else, you will have to look for another homebuyer after you have gone through all the paperwork with your acquaintance.
To avoid this, ask them to get a pre-approved home loan that will make the process smooth for both of you.
Avoid problems in future
Your friend buyer denied a house inspection saying that they trust you with the property? But what if there is a severe construction condition that occurs in the property later? Such situations might hamper your relationship later. Ensure your property undergoes professional home inspection and you repair the things that need to be taken care of. This will ensure that there is transparency between you two and you have handed over the property to the buyer friend in a good condition.