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Is it a good idea to sell a home to family? It can be

You've found a home you want to buy, but before you can do that, you need to sell yours. You've already put in an offer on the other home, so you're looking to sell quickly. Before you know it, you get an offer; it's not from a stranger, though.

Selling your home is fraught with difficulties, but if you've already found a buyer, you're ahead of the curve. If that buyer is someone in your family, take a moment to think about how you want to proceed carefully. Yes, your family member probably already knows about your home and has a good feel for how much work you put into it. Still, there is a possibility that you and your family member could fall into a disagreement, which is why you need to work with a professional.

Yes, it's possible to complete a real-estate transaction without a realtor or attorney, but it's advisable to, at the very least, work with an attorney to make sure the contract is legal and binding. Additionally, if a problem comes up, your attorney can help you both come to an agreement through negotiations instead of leaving problems to fester until they disrupt your relationship.

It's always a good idea to get your home appraised in this situation as well. That way, there is no question as to whether you're charging a fair price. Involving family in a business transaction isn't always the best idea, but by making sure professionals are involved, you can be certain that the transaction will be as professional and straightforward as possible.

Source: Realtor.com, "How to Sell a House to a Family Member: Tax Implications and Experts You Should Hire," Jeanne Sager, Dec. 11, 2017

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