Not sure if this is the right place to post, but here goes. Through a complex set of circumstances my sister and I own a property which we now want to sell. My niece wants to buy it but it is a bit above her price range. My sister has said she will make up the shortfall for my niece out of her half of the proceeds and is very keen for her to buy.
To be honest I'm uncomfortable about selling to family. DN would be unable to buy without dsis's help so I sort of feel under self-imposed pressure to keep the selling price down. But I have children myself and want to be in a position to help them as much as I can when they need in the future.
Obviously we will need to take legal advice but I just wondered how people go about agreeing a price when selling to relatives. We've had an estate agent's valuation of £250k which dsis is very surprised by (we paid £230k three years ago so it seems reasonable to me). Obviously we would deduct whatever we would have paid in estate agent fees but should we deduct more because she's family? Should we put it on the market to confirm that people are prepared to pay the full amount (it's in a popular area and we paid the full asking price 3 years ago)? Or should we accept the estate agent's valuation? Should we get a few valuations and take the middle one?
It's making me feel quite anxious - I get on very well with my sister and niece and I don't want anything to spoil our relationship. I don't want them to think I'm being mean but equally I sort of feel I'm being pushed into this and don't want to feel resentful because I've been overly generous in selling (not in my nature!)
Does anyone have any advice on how to deal with this situation?
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Selling property to a relative - a minefield?
18 replies
stonecircle · 09/07/2014 15:28
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