Should You Work with Your Friends or Family when Buying or Selling Your Home?

You’re ready. You’ve decided to sell or buy a home, but finding the right place to start seems daunting. According to the National Association of Realtors, “68% of sellers who used a real estate agent found their agents through a referral by friends or family.” But how satisfied were these sellers?

If you’re considering a friend or family member for any part of your home buying/selling process (loan officer, Realtor, inspector, financial advisor, etc.), it’s essential to consider the following:

If you’re considering a friend or family member for any part of your home buying/selling process (loan officer, realtor, inspector, financial advisor, etc.), it’s essential to consider the following:

The home buying/selling process requires transparency with your financial situation:

If you’re considering using a friend or family member as your loan officer or Realtor, remember that you’ll need to provide detailed information regarding your family’s financial situation. If you’d rather keep finances private, you may consider getting a recommendation from your friend/family member vs. using them as your primary resource. 

The buying/selling process can get tense:

It is harder to challenge a friend or family member when you have concerns. You have a right to have every question and concern addressed without worrying about upsetting the balance in your family. An outside realtor helps guide you through any issues that may arise without the guilt or chance of shifting the dynamic between friends.

Details may get overlooked:

Inspections can be a nightmare if you have a friend “look at the house” and then they miss a significant issue. What are your options, then? How might you feel about them if something goes wrong? Ensuring you have a reputable professional throughout each stage of the process is essential to help validate your purchase and provide you peace of mind that they did the job correctly.

Now what? How should you break up with your friend/family member?

Sometimes friends and family are too close to the subject to let you make up your mind. Everybody in the family decides they need to put in their two cents, sometimes talking you out of what YOU want! This decision is yours, so it’s crucial that you have an unattached advocate to guide you towards making a good one for you.

Yes, you might hurt someone’s feelings by not choosing to work with friends and family, but the outcome may be worse than the initial discomfort of the letdown. Savvy buyers and sellers know this and will look outside their inner circle. The best friends will understand.