Summary: If you have a real estate agent in your family, should you use them when buying or selling a home? Not having the right agent can hurt you financially, so it's important to think about what you need and want from an agent before recruiting a family member as a real estate agent.
WGN-TV Show Notes Oct. 14, 2003
Dear Ilyce: Our daughter's brother-in-law sells real estate. He generally sells in a different area and the homes are priced less than ours. Should we use him?
Mixing business and family can either work out incredibly well or incredibly badly. And when it comes to the sale of your single largest asset, not having the right agent can hurt you financially. You should invite the brother-in-law and three other agents prepare a comparative marketing analysis, also known as a CMA. The CMA should include sales comps, which are the sales price of homes similar to yours that have sold recently, a marketing plan for your property and a suggested list price.
Based on these presentations, you can decide who should represent you on the sale of your house. If it turns out to be the brother-in-law, great. Otherwise, you'll have to explain to your daughter and son-in-law that you're not comfortable using a family member to conduct your financial affairs.
Oct. 14, 2003.
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(View All Topics)consumer advice credit estate planning home buying ilyce glink mortgage mortgage lenders mortgage loan personal finance advice real estate real estate advice real estate agent refinance mortgage selling taxes
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