Don't know what to do?

[First-light]

I'm selling my house on the Island and moving to my place upstate full time in September. My best friend wants to buy it, so does my Niece and her boyfriend.

Price is $529,000. My friend owns his own business has cash on hand won't be a problem also approved for loan. 

My Niece just got out of Med school looking for a Chiropractic job, boyfriend just got a new job on the Island in finance. They would have to borrow some of the down payment from his mom. He owns a 3 family home in Binghamton. After talking the last few time I was under the impression that timing would not work for them. I went ahead and told my friend he could buy the house. Now I'm hearing from my brother the kids still wanted the place and timing wasn't an issue. I don't know what to do. Thought on this?

Edited January 25, 2022 by First-light

[NYRturkeycall]

Have an open discussion with your body and tell him that you want to do right by your family if he is willing to wait. Have a discussion with your family members who want to buy the house and get a yes or no and if it's a yes you need a definitive timeline. Business and family don't mix and selling a house's business. That's just my two cents. Good luck! 

[rob-c]

First one that can come up with the cash buys it. 

[LET EM GROW]

An honest discussion Should be had.. with both parties. 

Id probably go with the cash and your buddy.. Make it easy on yourself.. who knows what would come up after you sell if it went to your neice.. 

Also depends on your relation with all of them, including the brother if things didnt work out.. 

cash is king though lol 

[johnplav]

Maybe your niece can buy your buddy's house. 

[SportsmanNH]

Let Em Grow has some good points but I will be the contrarian and use the well known statement that " Blood Is Thicker Than Water ". So I would tend to favor the family . It is your brother and niece here which you will have to deal with at every family get together .  But we aren't selling a car here . You are selling your house that will affect your life and your future plans . There is plenty of time involved that your plan is to move in September.  However the cards and show of hands plotting the timeline need to be thrown on the table by your niece , fiance , and brother . They must expose the plan on what , when and where everything will fall in place to accomplish the purchase . It cant be some " Bark In The Dark " plan with no teeth . If your brother and niece cant come up with a solid plan , then just sell it to your friend . 

[phade]

Timing stinks. I'm no real estate pro but the interest rates are going to go up which will have a huge impact on loan amounts. That may be a factor not planned for by the relatives.

Tough spot but I'd sell to the friend and get the agreement done now. Heck, I'd try to get that house sold now if at all possible. Even if you have to pick up a STR to get to Sept. The interest rate hikes are going to put pressure on home sale prices for a period of time IMO.

 

[diplomat019]

Family first

[eaglemountainman]

I won't do business with family.

I've seen too many families destroyed.

[First-light]

1 hour ago, SportsmanNH said:

Let Em Grow has some good points but I will be the contrarian and use the well known statement that " Blood Is Thicker Than Water ". So I would tend to favor the family . It is your brother and niece here which you will have to deal with at every family get together .  But we aren't selling a car here . You are selling your house that will affect your life and your future plans . There is plenty of time involved that your plan is to move in September.  However the cards and show of hands plotting the timeline need to be thrown on the table by your niece , fiance , and brother . They must expose the plan on what , when and where everything will fall in place to accomplish the purchase . It cant be some " Bark In The Dark " plan with no teeth . If your brother and niece cant come up with a solid plan , then just sell it to your friend . 

This is what I told my brother a little while ago. I called my friend and told him the deal. He was disappointed but understood. I need a plan from them for sure. They have until next week. My friend is buying this as an investment. Thanks all. 

[Don_C]

Family first for everything in my world.

 

[Daveboone]

A good friend and his family needed to sell the house on a very desirable lake. There was a lot of interest from friends and family. I think they did the wisest choice in allowing a real estate agent handle it. Totally hands off fair and no emotions involved. More friends become past friends, and good family relations dissolve over money. Remove yourself from the equation.

[grampy]

Best of luck on your move upstate! You coming up near the capital district?

Oh......I always look out for family first. But it has bit me a couple times doing business with family.

 

[Five Seasons]

family first with a condition that obviously you can't end up screwing yourself if there is a delay. They need the loan approval and down payment ready to go with a date that works for you (within reason). If it doesn't, then there shouldn't be hard feelings and if they're reasonable they would understand.

I've been in and around land and home sale deals with family and they can be tricky. Sometimes people expect a family discount and other times they can be messy when it comes to inspections and what not. At the end of the day, anyone on the buyer end should go in understanding that while they're family, the seller is under no obligation to sell for a reduced price or make exceptions if they don't want to. Heck I know some that avoid family deals just so that no bad blood is created. 

[Five Seasons]

Just now, Daveboone said:

A good friend and his family needed to sell the house on a very desirable lake. There was a lot of interest from friends and family. I think they did the wisest choice in allowing a real estate agent handle it. Totally hands off fair and no emotions involved. More friends become past friends, and good family relations dissolve over money. Remove yourself from the equation.

this is good in principle until you realize they're taking a 3 to 7 percent cut.

[luberhill]

13 minutes ago, Belo said:

this is good in principle until you realize they're taking a 3 to 7 percent cut.

But many times they net you a higher price, especially in this market …

Bidding wars

[luberhill]

4 hours ago, First-light said:

I'm selling my house on the Island and moving to my place upstate full time in September. My best friend wants to buy it, so does my Niece and her boyfriend.

Price is $529,000. My friend owns his own business has cash on hand won't be a problem also approved for loan. 

My Niece just got out of Med school looking for a Chiropractic job, boyfriend just got a new job on the Island in finance. They would have to borrow some of the down payment from his mom. He owns a 3 family home in Binghamton. After talking the last few time I was under the impression that timing would not work for them. I went ahead and told my friend he could buy the house. Now I'm hearing from my brother the kids still wanted the place and timing wasn't an issue. I don't know what to do. Thought on this?

What part of upstate ?

[First-light]

My house is in Howard NY very close to Steuben Jerry! I discounted the price of the house 20k for family and good friends. No jerking around with inspections. In fact my friend rented the house for two years during his divorce. Don't want a realtor involved. 

[Paula]

Go with the friend not the niece 

[Fletch]

It already sounds like a headache in the brother is speaking for the niece and her guy. And things already got screwed up. Should be a forewarning. Sell it to the friend and the niece and guy can rent to own from him. Problem solved lol! 

[Steuben Jerry]

25 minutes ago, First-light said:

My house is in Howard NY very close to Steuben Jerry!

Looking forward to finally meeting you! Hope the sale goes smoothly!

[GreeneHunter]

" Blood and Money Don't Mix "     Tough Call !

[BizCT]

Bidding War! it's a business transaction. First one in contract with a down payment wins! and Congrats on the sale! I actually signed contracts today to sell my house April 1. I went with a full cash buyer and left $25-$30K on the table to avoid banks/appraisals etc. 

[fasteddie]

The friend has cash and can make the deal . If you go with the niece and boyfriend , they could botch the deal and leave you high and dry . 

 

[rachunter]

Congrats on getting off that Island.I've been up here three months and only miss a few things,but I can live without fresh mozzarella I guess.

My experience is family will always expect you to understand why they can't make good on the deal.