Points to Remember While Selling Your Flat to A Friend or Family
Oct 28, 2017 Home Trading Steps
A buyer can be anyone be it a stranger or a family member or your friend. Dealing with stranger is much easier then dealing with a friend or a family member. The negotiation you can do with an unknown person, you won’t be in a same position while negotiating with your near ones. You might end up selling your property at a much lower price to your near ones than expected. But you have to remember that while dealing with money you can’t involve your emotions. So here are few tips that might help you in your property transactions with your near ones while keeping you in a profitable state.
1)If you are selling your property to someone who is close to you, then you don’t have to put effort to find buyers. This saves a lot of time, energy and money as well. But this does not mean that you as a seller will be lenient and quote much lower price to your friends and family members. In that case you can be in trouble financially. However, you close ones may try to lower down the price than your expectation but you have to be firm and work out a way which can be beneficial for both of you.
2)Although you know the person to whom you are selling your property, still you have to be careful. What if their credit history is bad and they don’t get the home loan! Then you have to find another seller after all the paperwork. So know all these beforehand, prior to moving ahead with dealings. You can ask them to get a pre-approved loan s avoid hassles at a later stage.
3)Don’t go with the trust factor. Your friend and family member might trust you blindly and avoid inspecting your home. But make sure you get your home inspected by a professional beforehand to avoid bitter relation in future. As after moving into your property your friend buyer might found out some flaws in the property or some fault in construction then this might hamper the relation between both of you. Hence to avoid these you should check and do the required repairs work prior planning to sell it off. Try to maintain transparency in the throughout the entire deal to have a smooth sailing ahead.
1)If you are selling your property to someone who is close to you, then you don’t have to put effort to find buyers. This saves a lot of time, energy and money as well. But this does not mean that you as a seller will be lenient and quote much lower price to your friends and family members. In that case you can be in trouble financially. However, you close ones may try to lower down the price than your expectation but you have to be firm and work out a way which can be beneficial for both of you.
2)Although you know the person to whom you are selling your property, still you have to be careful. What if their credit history is bad and they don’t get the home loan! Then you have to find another seller after all the paperwork. So know all these beforehand, prior to moving ahead with dealings. You can ask them to get a pre-approved loan s avoid hassles at a later stage.
3)Don’t go with the trust factor. Your friend and family member might trust you blindly and avoid inspecting your home. But make sure you get your home inspected by a professional beforehand to avoid bitter relation in future. As after moving into your property your friend buyer might found out some flaws in the property or some fault in construction then this might hamper the relation between both of you. Hence to avoid these you should check and do the required repairs work prior planning to sell it off. Try to maintain transparency in the throughout the entire deal to have a smooth sailing ahead.
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