While you can probably skip the realtor, a qualified real estate attorney is going to be your best friend if you’re planning on selling a house to a family member. 4. Printer-friendly format Email this thread to a friend Bookmark this thread: This topic is archived. Most people who wish to short sell their house to a friend or relative only have good intentions in mind. 4. I am not in the million dollar house category, but I am still wondering what the correct methodology is to determine if selling is a good idea or not. My friends mum is in this situation, she owns a house worth £400k and wants to sell it to my friend for £200k. You won't need to go through a marketing process to find a buyer, and the negotiation could be easier since you and your friend can, hopefully, work disputes out together in an amiable spirit. ... Could my mother sell me her house for a dollar? Find someone who will super-serve you, negotiate the best deal, and sell your house fast! How hard/easy is it? 1. Gifting the House For $1: Good Idea or Not? The question of “is it possible to short sell my house to a family member?” is a common question. ... a home seller's closing costs can total several thousand dollars or more. Is it a good idea? While it is relatively easy to do, giving away your house can have major tax consequences, among other negative results. Swap your realtor for a lawyer. How hard/easy is it? The difference between the fair market value of the house and the $1 sale price is considered a gift for federal tax purposes. ... Don't expect an agent, unless they are your friend or otherwise a true ally, to warn you about zoning pains that await you if you buy this property. How hard/easy is it? On a one million dollar property we might be willing to drop a whole point." While you can probably skip the realtor, a qualified real estate attorney is going to be your best friend if you’re planning on selling a house to a family member. In both cases “staging” can be used to help sell your house. Will your brother-in-law, Scott, tell you that your budget for a new house is unrealistic? You can sell your house to your children for any price. ... Could my mother sell me her house for a dollar? £200k will give her mum enough to buy a retirement flat and leave her with enough to enjoy a decent retirement. Instead, however, you have a friend who has suggested they can handle selling your house. Philadelphia PA Estate Planning Blog Monday, January 30, 2012. I know selling your house this time of year can come with challenges. Should You Let Your Friend Sell Your House? That’s the kind of honesty you need to have a successful real estate transaction. When a property is transferred by gift, the recipient takes over the donor’s income tax cost or basis. The IRS considers that discount to be a gift, so if you sell a $200,000 house to a friend for $150,000, you've given him a $50,000 gift. The property is in Mass., in a trust with Allen as sole trustee, and his 2 … There's nothing illegal about it. Find a stellar real estate agent. Someone who only knows you in a professional setting will care more about selling your house for top dollar than your feelings. However, because of various reasons, most of the time the banks will not allow it. 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