Home Buying in 60634>Question Details

dis220, Home Buyer in Roseville, CA

I want to sell my rental property to my son, not seeking to make a profit, he will finance the purchase, do i need a real estate agent ?

Asked by dis220, Roseville, CA Sun Feb 9, 2014

If I do need to use an agent, is using a service like FSBO, the least expensive option /

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Answers

21
you just need an attorney and a CPA to look the deal over..
1 vote Thank Flag Link Tue Feb 11, 2014
Dear Home Seller,

Even if it is a family transaction I highly recommend each of you use your own attorney. You do not need to use a broker. You both need to agree upon price and put it in writing and both sign off on it.
1 vote Thank Flag Link Mon Feb 10, 2014
No need to hire a real estate agent but talk to an attorney and your CPA for tax liabilities.
1 vote Thank Flag Link Sun Feb 9, 2014
I agree with the others. You don't need a Realtor. However, the advice that each of you have your own attorney is good, and you might find that an attorney might recommend that option as well.

One other suggestion: Check with your accountant to make sure that the transaction is structured to minimize taxes.

Hope that helps.
0 votes Thank Flag Link Tue Feb 11, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
You really only need an attorney. If you contact me, I am happy to give you a couple that would specialize in this sort of thing. It would probably cost around $1200 total for the attorney to handle both sides of the deal.
0 votes Thank Flag Link Tue Feb 11, 2014
Solo necesitas el banco para comprar tu misma casa en Chicago , y despues de eso posiblemente un Abogado para tu hijo , mirando basicamente los terminos del prestamo bancario
0 votes Thank Flag Link Mon Feb 10, 2014
You will only need the bank for now ... and after that title company
0 votes Thank Flag Link Mon Feb 10, 2014
I think using an attorney is your best option on this one.
0 votes Thank Flag Link Mon Feb 10, 2014
Obtain a Real Estate Attorney who will be able to draw up the paperwork for you. Your son will need to work with a Loan Officer in order to obtain financing.
0 votes Thank Flag Link Mon Feb 10, 2014
No you do not, just get an attorney who knows RE. I do FSBO listings if you want to go that route also.
0 votes Thank Flag Link Mon Feb 10, 2014
email me at jmichaels@remax.net
0 votes Thank Flag Link Sun Feb 9, 2014
Don Kiolbassa is a CPA and real estate attorney. I would recommend that you engage his services.

He can be reached at 312-782-9035 or DHK@GBATaxLaw.com
0 votes Thank Flag Link Sun Feb 9, 2014
You should get an attorney involved to make sure it is done correctly unless you are familiar with law. There is paper work and should only cost a few hundred bucks
0 votes Thank Flag Link Sun Feb 9, 2014
NO!!! No need for a real estate agent. We do not do the work you need done, and you have already done much of what we can do for you.

Quit claim to save the transfer tax fees and closing costs. You son can get a loan and you can pay off your loan with the proceeds. You do need a lawyer to make sure both of you are protected and transfer is done property and you are cleared of all liability, and your son had full ownership.
0 votes Thank Flag Link Sun Feb 9, 2014
You already have your buyer so the answer clearly is no. I would suggest that you consult an attorney to be sure all the papers are filed correctly.
0 votes Thank Flag Link Sun Feb 9, 2014
Why sell at all if your not looking for profit. Just do a quit claim deed .
0 votes Thank Flag Link Sun Feb 9, 2014
There is no need for an agent other than to give you a quick market value
0 votes Thank Flag Link Sun Feb 9, 2014
Have your attorney take care of the details.
0 votes Thank Flag Link Sun Feb 9, 2014
You don't need an agent for this type of transaction, unless you don't know what the fair market value is.

Chris
0 votes Thank Flag Link Sun Feb 9, 2014
Maybe. All Real estate agents work on commission, either a flat fee or percentage of the purchase or sale. As a mortgage professional, I can tell you lenders, including mine, don't normally care if there is an agent involved as long as the proper contract is executed. These contracts can be purchased at local office stores or from legal services websites. What I recommend is that you execute a contract on your own and have an attorney, one whose primary focus is Real Estate, review it for errors and it's legal accuracy. Hiring an attorney may also help with Title/Closing fees and ensure the process runs more smooth. I would be happy to discuss finance options with your son. Depending on the situation, he may not need to have a down payment. please ask him to call me at 847-815-8229 or email me at Larry.Bernstein@carringtonms.com. Thank you in advance.
0 votes Thank Flag Link Sun Feb 9, 2014
You may want to just have your family attorney handle it for you.
0 votes Thank Flag Link Sun Feb 9, 2014
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