“Buying the Family Home isn’t always Easy”
The biggest issue is usually that the parties are not represented by a real estate professional. When there is not a third party, emotions can get pretty serious and feelings can get hurt pretty quickly.
So many issues need to be addressed, here are a few that can create lots of issues and stress for all parties:
- Price can be a major issue especially when there are multiple owners or heirs. Also if the original owner made promises that will not be honored
- Condition of the property can mean that a home inspection isn’t done, which could mean problems for the buyer in the future. And if a home inspection is done and problems are discovered, how are these issues resolved?
- What if the buyer has not been pre-qualified for a mortgage? What if the buyer just can’t get a mortgage?
Joe
I gave your information to a client who is the 3rd generation in lineage of a particular clients family. She’s in a tough/unique spot and trying to purchase family owned home she lives in. She can fill you in on the details. It’s not a ‘slam dunk’ but she’s a good person and I know if someone can find a way to help her it’s you. Appreciate your time in seeing if she can purchase this home.
Best, Dan
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