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would you sell your house to a friend?

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Erica
LIF Adult

Member since 5/05

11767 total posts

Name:

would you sell your house to a friend?

DH just told me his friend expanded his home search into our town. DH joked around to buy our house and his friend said he would love to, but out of his price range.

I like our REA, but do we have to wait for her contract to expire to do a FSBO? (since we could sell it to him for lower the commission price)

what are the realities? we brought in the buyer...so the company didn't do anything to help...right?


and - most importantly...could this kill a friendship?

Posted 4/15/09 9:51 AM
 
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nov04libride
big brother <3

Member since 5/05

14672 total posts

Name:
Me

Re: would you sell your house to a friend?

I do believe you have to wait for the contract to expire to sell without the commission. Our realtor said since all closings are public, even if you "brought in" the buyer, they can sue you if they later find that the buyer signed the contract during the contract with the realtor.

I did not sell my car to a friend because I did not want to hear about the problems and issues that may arise. They may own it for a week and have the cesspool collapse, or the bathroom start leaking...I personally never want to talk to/hear from my buyer again after the closing to be blamed for things that might happen. We don't foresee any problems, but if there are, I don't want to be blamed.

Posted 4/15/09 9:59 AM
 

greenfreak
.

Member since 9/06

11483 total posts

Name:
greenfreak

Re: would you sell your house to a friend?

I don't know the details of the rest of your questions but

Posted by Erica

and - most importantly...could this kill a friendship?



absolutely possible. DH worked with a guy who did mortgages and was a REA, and a friend. We hired him and after we closed, we never spoke to him again.

Long story, but suffice to say that some people are better at friendship than they are at business. And some people don't see the distinction and assume they can take advantage of your friendship even though there is money involved.

You won't know till you do it, but we learned our lesson and very rarely do business with friends or family.

Posted 4/15/09 10:55 AM
 

Megs4
LIF Adult

Member since 11/08

1619 total posts

Name:
Megan

Re: would you sell your house to a friend?

I don't know about the REA/FSBO stuff, but I would worry a bit about the strain on a friendship.

My DH and I bought our cars from a friend (who owns a dealership) and when mine turned into a nightmare I ultimately decided to trade it in and go somewhere else and even though that was truly a business transaction (and the right decision for me) it made things awkward for quite some time.

Posted 4/15/09 11:03 AM
 

MrsFab
this is bliss.......

Member since 10/08

1234 total posts

Name:
Mb

Re: would you sell your house to a friend?

the commission issue depends on your contract with the agent- it should say something in there about the terms

Selling a house to a friend definately has the makings of ruining a friendship- the process is long, stressful and even the most perfect house has flaws

If you decide to go through with that- talk everything out first

good luck

Posted 4/15/09 11:11 AM
 

Cheeks24
Living a dream

Member since 1/08

8589 total posts

Name:
Cheeks

Re: would you sell your house to a friend?

Posted by MrsFab

Selling a house to a friend definately has the makings of ruining a friendship- the process is long, stressful and even the most perfect house has flaws




ITA!

Good luck!

Posted 4/15/09 11:22 AM
 

RocPin
Life's Beachy <3

Member since 2/08

6765 total posts

Name:
Heather

Re: would you sell your house to a friend?

I dont think I would but to be sure understand correctly, you want to go FSBO to eliminate the agent fee so you can sell it to the friend at a lesser amount? If so, it sounds like too much trouble and the only one making out would be the friend. I dont think I would bother

Posted 4/15/09 11:24 AM
 

smdl
I love Gary too..on a plate!

Member since 5/06

32461 total posts

Name:
me

Re: would you sell your house to a friend?

Usually friends and business/money don't mix well.

It's a good idea in principle but both will feel "obligated" or I should say YOU and DH will feel obligated.

You are already talking about helping him with trying to avoid the agent's commission. Would you do that if he was not a friend.

What will happen after the inspection? How many "requests" will he have that you might not accept from anyone else you don't know?

You need to sell your house for a certain amount. I feel that you are already willing to settle for less just because he is a friend.

Do the transaction just like it would be anyone else.

I personally would stay away from this. If you don't come down in price, the friend will be "disappointed". If you do, you will resent it.

Message edited 4/15/2009 12:19:24 PM.

Posted 4/15/09 12:18 PM
 

Jackie24
~We Did it~

Member since 7/06

6718 total posts

Name:
Jackie

Re: would you sell your house to a friend?

Posted by smdl

Usually friends and business/money don't mix well.




This is the truth! However, if they love your house, the price is right and you really want to sell, this shouldn't matter. As long as you are 100% honest with them.

Posted 4/15/09 12:34 PM
 

2girlsforme
LIF Adult

Member since 8/06

3056 total posts

Name:
XXXXXXXXX

Re: would you sell your house to a friend?

Honestly, I don't know if I would sell to a friend.

But, that aside, you are under contract with the rea, unless you excluded this contigency from the contract. My friends, who practice re law, always advise sellers to exclude the agent's right to a commission if the buyer comes through you. You would be surprised that this happens more than you might think. Sometimes, a neighbor sees a sign go up and knows someone or sometimes a situation like yours arises. If the deal does become serious, and if you can't wait for the listing to expire, you might be able to negoiate with the agent/broker. In this market, some lesser % is better than nothing.

GL

Posted 4/15/09 12:52 PM
 

anjerandunder
Positive thoughts worked!!!

Member since 6/06

1909 total posts

Name:
J

Re: would you sell your house to a friend?

i would never sell to a friend or even a friend of a friend. its just too close to home and no matter how great your house is..things break or bust or leak or whatever and you may always get a phone call telling exactely that..

Posted 4/16/09 10:05 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

5938 total posts

Name:
That Led To The Wrong Tendencies

Re: would you sell your house to a friend?

As long as they are willing to take the house as-is... yes I would.

They sign contract. I sign contract. No negotiations on things that need to be "fixed". Real simple.

Posted 4/16/09 11:30 AM
 

LINewbie
Tigger the the Rescue!

Member since 8/08

5647 total posts

Name:
LB

Re: would you sell your house to a friend?

I would.. but I'd also point out all the bad things about our house so they prolly would 't want to buy it anymore LOL

Posted 4/16/09 10:12 PM
 

Erica
LIF Adult

Member since 5/05

11767 total posts

Name:

Re: would you sell your house to a friend?

thanks everyone. even if they go through the rea - it's the same problem as FSBO...any future issue could be a strain.

The only reason the FSBO would be good is that it would get them a lower price and we could still walk away with what we want, since we don't have to pay commission.


I'm definitely not going to push the issue...if they want it bad enough...it's the right house for them - they can make a decision.

Posted 4/16/09 11:24 PM
 
 

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