Can I sell my house to a family member and avoid costs

[Zigner]

I understand that it is technically a $22K loss, however my Mom will be getting the equity and not a stranger. I currently have it on the market with Howard Hanna for $139,000 and I have not had any luck. If I were to sell with a real estate agent I would be paying $10,000 in commision fees and after all is said and done I might end up with $1,000 after the sale. I would rather my Mom get the profit on the house than a total stranger.

Are your sure your current contract will allow you to NOT pay the commission even if you "sell" it to your mom?

 

[OHRoadwarrior]

I assumed she was going to wait until her listing contract was up. They are usually only 6 months long. She indicated the sale attempt has been unsuccessful, so must be significantly through the period.

 

[chrissy63078]

what contract? Did I miss something?

yes I did



Sorry Chrissy. Unless your contract specifically exempts relatives, if you sell the house to your mother you will owe a commission. There is more than likely a period of time after the contract expires that should you sell to your mother, you will still owe a commission.

My Agent is my best friend and I am able to get out of the agreement at anytime, so that is not a factor.

 

[justalayman]

My Agent is my best friend and I am able to get out of the agreement at anytime, so that is not a factor.

Unless your agent is also the principal broker at the agency, it still may not be as easy as you believe it to be. Not trying to give you a hard time about it, simply what to be aware of.