Home Selling in Clinton>Question Details

Jozie, Home Seller in Clinton, NC

with the price so reduced on the family home, isn't it fair for the buyer (family) to make repairs and add new air condition system? House should

Asked by Jozie, Clinton, NC Tue Feb 1, 2011

appraise for $140,000 or higher. May sell for $75,000 to $100,000.

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Assuming that this is the same home you mentioned in your previous post (selling to another family member), my advice is:

1) Hire a REALTOR® to assist you with both sides of the transaction and split the cost.

2) Negotiate an appropriate price. Be realistic, sell the house for the same thing you would expect a stranger to pay. If you cut your price (because it's family), you will resent it. If you want to "give them a break" because they're family, do something nice after the sale, or help them with the downpayment. Once they buy the house it should be theirs, free and clear of any guilt trips.

3) Suggest that the buyer look into 203K financing. 203K's allow the buyer to borrow the money they need for repairs too. If you are expecting them to do the repairs, expect them to pay less. That's how it would work if they weren't family.

4) If they can't buy the house without the price being rock bottom, then don't sell it to them right now. Offer to let them lease it. They could do the repairs, live in it, and a portion of their rent (plus the cost of repairs) could be applied to their "downpayment". Agree on the price and conditions before they move in, put it all in writing, and stick to the plan. If they back out down the road, the money spent is forfeit (just like rent).

Good luck,

El Brant
Your NC REALTOR®
Wilkinson & Associates
910.264.655
Web Reference: http://realtor.elbrant.net
0 votes Thank Flag Link Wed Feb 2, 2011
Everything is negotiable. What is your real estate agent telling you? If a house inspection finds issues that are a health or safety issue, then I usually recommend that the seller make the repairs. Mainly because you now have a known problem, and if this deal falls through, you're going to have to disclose it to any future buyers. Might as well take care of it now, take your lumps and move on. But if you're talking about minor or frivolous things, then it's perfectly reasonable for the seller to not fix those things. A/C is debatable. If A/C is working...but just old...I might offer to get it serviced. For buyers, I always tell them, don't ask seller to fix minor things. This is what home ownership is all about. You're buying a re-sale home. It's like buying a used car. It's not going to be perfect. Good luck!
0 votes Thank Flag Link Tue Feb 1, 2011
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