“Buying the Family Home isn’t always Easy”
The biggest issue is usually that the parties are not represented by a real estate professional. When there is not a third party, emotions can get pretty serious and feelings can get hurt pretty quickly.
So many issues need to be addressed, here are a few that can create lots of issues and stress for all parties:
- Price can be a major issue especially when there are multiple owners or heirs. Also if the original owner made promises that will not be honored
- Condition of the property can mean that a home inspection isn’t done, which could mean problems for the buyer in the future. And if a home inspection is done and problems are discovered, how are these issues resolved?
- What if the buyer has not been pre-qualified for a mortgage? What if the buyer just can’t get a mortgage?
I gave your information to a client who is the 3rd generation in lineage of a particular clients family. She’s in a tough/unique spot and trying to purchase family owned home she lives in. She can fill you in on the details. It’s not a ‘slam dunk’ but she’s a good person and I know if someone can find a way to help her it’s you. Appreciate your time in seeing if she can purchase this home.
Image courtesy of iosphere/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.