Are you getting taken by your family?

I am writing this because I know some people that are selling their house to their son.  I feel badly for the son.  They are selling their Redford home to the son for about $85,000.   The son has no real estate representation.  He trusts his parents.  The parents want to move to a nicer area, they want to move out of Redford.

The sad part is that the home is probably only worth about $38,000.  They got an appraisal for $85,000 and it may pass through the banks system but sadly the son could buy a nicer house for the same money.  He could get a brick house instead a vinyl house.  He could another house for sale that is updated completely for roughly the same price.  He could get a Redford home with a basement.  He could get some of those things and only pay $30,000 or $40,000.  I went to list one that was 1000 square ft, very nice inside, didn’t need any work.  Had new windows, newer roof, and nice carpeting.  It was only worth about $25,000  The son can find other Redford homes for sale like that.

I feel badly for him.  You see years ago a family member did the same to me.  They wanted to move.   They wanted a certain price.  I was young, I was naive.  I got taken.  But luckily it was a land contract and I was able to get out of it later.  I lost a few bucks.  My family member later sold it for less to another person.

I don’t think the parents of the son above really know the Redford real estate market has dropped that much.  I don’t know if they don’t realize that they are taking advantage of their son so they can move into a nicer area.  Sure there are a few Redford houses that are selling at high price like that but the average price of the homes in that square footage is roughly $44,000 that have sold in the last 6 months.  The son I believe is over paying for the house.

So whether you are buying the house from Grandma, or your sister-in-law do yourself a favor.  Have a local real estate agent tell you what it is worth.  Or least have the real estate agent tell you what you could buy a comparable home in the area for.  It may not be that grandma is ripping you off intentionally, but she might just think her house is worth a million bucks when it is really not.

But then again you might want to help grandma out and give her above market price.  You might want to over pay to have the family home.  But will you be happy years later when you try to sell it?  Also have a title company do a title search on the home to make sure the title is clear.

My quote of the day is:

There is only one happiness in life, to love and be loved.

– George Sand

 

 

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