Selling your home to a family member opens up a whole can of worms that doesn’t apply to a traditional exchange of real estate between strangers. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that not only are you risking your family relationships by creating a financial arrangement with a loved one, but you’ll be attracting the attention of the IRS who’ll scrutinize the sale for potential tax evasion. When you’re selling to someone that you know, love, and trust, it can be tempting to handle the whole home sale arrangement without any professional assistance. However, that’d be a mistake: third-party experts provide a buffer between you and your relative to prevent the appearance of impropriety when the IRS examines the transaction, and more. If you’re selling to a relative, you need to work with an attorney and an experienced real estate agent. These experts can help you determine the appropriate sale price for the home based on its fair market value and they can help protect your relationship with the relative you’re selling to. You don’t want to create a permanent rift between family members because of a real estate transaction. Check out below to see what sold in Hills of Crestwood in September 2021:
17577 Rolling Woods Circle, Northville: 4 bedrooms, 4.1 bathrooms, 3,428 sq. feet, 3 car garage, Sold Price: $769,000
Hills of Crestwood Home Sold
September 2021
47067 Red Oak Drive, Northville: 4 bedrooms, 3.1 bathrooms, 4,017 sq. feet, 3.5 car garage, Sold Price: $809,000
Hills of Crestwood Home Sold
September 2021
Sometimes homeowners selling to relatives just go straight to an attorney to have the paperwork drawn up, but drawing up the contract is the easy part. For more information on Hills of Crestwood, or similar Northville or Novi neighborhoods such as Kirkway Estates, Wintergreen Park and Bella Terra, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.