Expert: Dick Dennis - 6/27/2006

Question
WE WANT TO SELL OUR HOME TO MY WIFE'S SON. IT APPRAISED FOR MORE THAN WE OWE. WE WANT IT TO BE A WIN-WIN FOR ALL PARTIES & JUST WANT TO KNOW THE DO'S & DONT'S & EASIEST WAY. HIS CREDIT IS GOOD & THERE ARE NO REAL ISSUES. WE JUST WANT A SMALLER HOME & GIVE HIM A GOOD DEAL ALSO. WE LIVE IN OKLAHOMA. THANKS

Answer
If you want it to be a win-win for everyone, David, I suggest the following: Have three Realtors give you a comparitive market analysis. From this you will get an average fair value. Now set the price at 90% of that value.

The buyer cannot complain at that price. And you will not be waiting until you get a buyer from elsewhere. Have the buyer interview three mortgage brokers to get the best terms and full explanation.

Now go out and find yourself a good REAL ESTATE attorney to handle the transaction for you, if you do not know a very knowledgeable Realtor who will handle the whole matter for a reasonable fee.

You and the buyer should split the costs of the expert. And the usual costs of title insurance and escrow should prevail. The attorney or Realtor should know.

I do wish you well.

Dick Dennis            dixiedee13@aol.com
www.OldProblemSolver.com