Selling house to a friend

tiggerwendy

My friend wants to buy our house. We hadn't got round to signing up with an estate agent. Is there anything I should be aware of?

eddddy

Just that the normal hassle and challenges of selling a house may be more 'awkward' when you are dealing with a friend.

For example...

• Is your friend a credible/proceedable buyer? Does he have a mortgage arranged and/or the relevant cash in the bank? Do you ask to see his mortgage offer and/or his bank statements as proof?

• Has he got a property to sell?

• If the survey shows up problems, and your friend wants to renegotiate the price - could the 'arguments' result in the ending of the friendship?

• If you're friend 'messes you about' during the selling process, what will you do? Threaten to sell to somebody else?

Overall, is your friend a sensible, rational, business-like person - or is this just a rash idea/dream that he thought up on the spur of the moment?

cloo

I'd also say, is there anything about the house that may make your friend unhappy over time? eg, neighbour dispute, an ongoing problem you've not dealt with etc. Because obviously, unlike other sales, these could come back to haunt you later!

tiggerwendy

Thanks for replying.

They were going to buy another house, and are buying ours instead for the same price, so they've already gone through the finding out about mortgage bits. Hopefully the mortgage valuation can be done ASAP to confirm that's ok.

There's thankfully no hidden issues with the house - it's a great house but my husband and I are separating. I'm excited to see what they will do with it and to see the house become a proper home - we have done it up but ripped the soul out of it as our relationship has declined.

I think we're both sensible enough to be able to respectfully discuss any issues that may come up survey wise.

I guess I just wanted to check that there wasn't anything important the estate agents do other than find a buyer!

eddddy

tiggerwendy wrote: »

I guess I just wanted to check that there wasn't anything important the estate agents do other than find a buyer!

EAs that are paid on completion tend to do things like negotiate the offer, qualify the buyer and progress the sale from acceptance of offer to exchange of contracts.

So those are the things you might have to do.

ashe

If your super bothered or stripped for time you could always list with a basic online agent like doorsteps for £99 and then you have a layer of separation between yourself and your friend, but otherwise just engage a solicitor. I'd just do the latter.