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How to Sell a House to a Friend

Selling a house is a big deal, and when you have to sell the house to one of your closest people, it becomes more hectic. You have to keep yourself neutral while making this deal with your friend so that your friendship doesn’t get affected. After all, it’s your house, and you don’t want to sell it at a cheap rate, whether the buyer is your friend or family member. However, a house deal with your friend can also be a lot easier than dealing with a stranger, isn’t it? Well, the answer may have two sides, “A Yes” or “A No.” So, here we will be discussing how you can make a happy house deal with your mate. 

Make a Pleasant Deal:

Whenever you are selling the house to your friend, you should make a deal at a genuine price. Helping their close ones is a part of human nature, and hopefully, you won’t take a big amount of money for the house you are selling. Giving some more discounts to your mate can enhance your friendship’s loyalty, but you will never want to face a loss after selling the house. So, having a pleasant deal for both to sell the house is crucial. After all, you will also have to buy a new resident for yourself, and you don’t want to take an extra loan for that.

Tell Everything About Your House:

When you are selling the house to your friend, you shouldn’t hide anything about the residence. Although your mate owns the house now, and hopefully, he must have visited your house several times, and he knows plenty of things about that residence. However, there are still some facts about your house that are unknown to the buyer. It would be best if you did not hide those things while selling your home. Because you are handing over the house to the friend, and he will be the owner of that property, he must be familiar with every corner of the house. 

Make a Written Deal:

Although you are selling your house to the person you know, you might feel that every writing deal can be done later. Remember, “Time is precious,” and hopefully, the buyer might change his mind later. Whenever you are selling the house to your friend, try to make every deal in writing. If you do so, you won’t find yourself in a situation where you have to face a crisis after selling the house. Also, make that deal when you are selling the house, don’t skip it for later. It may cost you a lot.

Always Rent a Realtor Agent:

You are the house owner, but you might not be aware of everything that should be taken care of while selling the house. Are you?? Hopefully, not. That’s where hiring an agent is said to be a wise move. There might be a circumstance that the realtor agent you chose to sell the house, your friend may not like him. So, it is always advisable for both parties to hire their realtor agent to make a pleasant deal. 

Navigate Finances Before Handing Over the House:

While selling your house, navigating finances is quite essential. Since you are selling the house to your friend, you may feel that he will get the home loan easily. However, this decision is always reckoned as a wrong decision. Why so? If your friend does not qualify for the loan, you have to search for a new buyer for the house. This process may take more time than usual, and you might not get the money at the right time you want. So, always ask your friend like you would have asked any other buyer, whether they have qualified for the mortgage or not, and if they have qualified for it, ask them to show the paper.

Don’t Rush:

“Haste makes waste.” Yes, you got it right; hurry is one thing you must avoid while making a house deal with your friend. It’s good that you are selling your residence to one of your closest people, but never make the mistake of blindly trusting them. It can lead to a huge loss, so whenever you sell the house, have patience, and do all the aspects very carefully. No matter if you are selling the house to your friend, family member, or any other buyer, do all the necessary things that need to be done and that too very carefully.

What If Someone is Paying More Amount than Your Friend for that House?

Let us put you in this hypothetical situation; what would you have done in this case? Well, you must have an expected price of your house, and you will sell the house at that price. If you are selling it to your friend, you will offer him some discount than others, right? Yes, you will. But, what if someone is paying you more than your friend, for the same house? What would you do? Will you deny the offer or play a double game with your friend? Hopefully, you will deny the offer, because friends are much more important than some amount of money. So, when you have decided to sell your house, and you are getting the right amount that you expected, then don’t be a greedy person. It may devastate your friendship.

Final Takeaway:

Home is always a paradise for its inhabitants, but you may follow the above-mentioned tips when you have to sell it to a friend. You are selling the house, not the friend, so you have to be humble and kind while making the deal. In the end, you both want to make it a win-win deal and make your friendship even more profound than it used to be. Following these tips will help you to make a happy house deal with your mate.

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