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Question
I would like to sell my house to my daughter. The average prices in my area gone very much down so the selling price would be less than I paid for it. What issues can you see in this deal?
Thank you!
Hey, Lubov.
If you still owe money on the house, and the you sell it for less than what you owe, even to your daughter, it's called a "short sale" and you have to get your mortgage lender's approval.
If you or your daughter will be able to make up the difference between the selling price and the amount of money you owe, then there's not a problem. Your mortgage lender wants all of their money, or as much as possible, so that's the only issue I see.
A real estate attorney can help you do all the paper work for an easy transaction like this where the seller and buyer know each other. No need to pay a Realtor any type of commission, so you'll save some money there.
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Russel Ray
Expertise
Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.
Experience
Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.
Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego
Education/Credentials
Graduate of Texas A&M University; College Station, Texas
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