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?

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.

Re: would you sell your house to a friend?

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

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.

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

Re: would you sell your house to a friend?

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

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.

Re: would you sell your house to a friend?

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

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..

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.

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

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.