Fair Price for Selling House to My Son?

[Pat H Senior Member Find all posts View Profile Close Pat H]

I'm thinking of letting my son buy my house. He and his family already live here. I had a real estate agent in today for a market analysis which I'll have in about a week. From talking to her, I get the impression that the price will be somewhere between $160,000-$170,000.

I would reduce the price by $5-$10,000 for all the work I won't have to do & subtract the RE commission. What other reductions are reasonable? I want to be fair to both of us.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

You might want to reduce the price by another 5K to compensate for all the aggravation you will not have for trying to keep the place clean for showings.

Also, have your son get pre-approved for a mortgage and let him see the very small difference in his monthly payments between paying 145K and 155K for the house versus the very real difference the additional 10K makes in your pocket now.

You're a good mom

[pcgirl54 Senior Member Find all posts View Profile Close pcgirl54]

I would get a professional appraisal not a realtor assessment and also have a home inspection done so all of you know any hidden issues that are costly before he buys then there are no hard feelings later on.

As a former realtor and also as someone who bought from in laws this is a good idea.

Base the price to your son on the appraisals minus what you would have paid for commission 5% or 6%