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Selling To Their Son |
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Dear Edith: I will be retiring soon and moving out of state. Our son wants to buy our house. As a first-time buyer, are there any programs that can assist him? Is there a way to sell the house to him without using real estate agents? Would I need a real estate lawyer to complete the transaction? |
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I don't know where you live, and closing customs vary, so I can't tell whether you need a lawyer, title company or escrow company to handle the transfer of ownership.
Individual states often offer special mortgage programs for first-time buyers. Depending on your son's income, credit rating and other debts, several options could be open to him. He could consult a mortgage broker (one who doesn't take advance fees) to find out where he stands.
You can certainly complete the transaction without using a real estate broker, but consider: agents do much more than simply find someone who wants to buy. Perhaps you could hire a broker by the hour, to guide you and your son through the rest of the process--estimating the market value of your home, analyzing your son's financial qualifications, making recommendations on financing, helping put together a sales contract, and guiding you to settlement. |
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Edith
Originally published on September 6, 2006 |
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