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Helping Relatives Buy Or Sell Real Estate...What's Been Your Experience?

In our travels in a Maine real estate day to day operation, from time to time run in to family situations where property is involved.

In your experience with family, and we're not talking immediate live in the same household type, but your garden variety first, second cousins, aunts and uncles sort of relatives. Howearly maine family photo has the transaction gone for you?

Smooth sailing, bumpy flying or never really thought about it now as you look back and take inventory?

At times because the buyer or seller of real estate is family, expectations can be higher from all sides. And some members may see you as still eight years old even if you are wearing an "R" the hardest working letter in the alphabet.

And delivery of product, services to family members causes complaints that relatives can become low man on the totem pole. Take a number, have a seat and instead of better service, no or lack luster handling. Is it like the "don't buy a car from a mechanic" thinking that too busy with what he considers real, paying customers? And is would you do it for free the reason for the avoid you like kryptonite syndrome? And even if a money paying customer holding up your ticket for the real estate ride, for some reason would it have been better to not link up with someone that has the same dna trickling thru their veins? Why is that and has that been your experience?

Maybe the advice, protection and over, above guidance to say a 20 year old ME real estate buying cousin who you make sure knows the cardinal mistake of big elaborate additions on their mobile home and your maine lake sunset photowarnings, fatherly advice. They might not like it, need it, or just over their head.

Or as a relative REALTOR, real estate agent, broker you get a listing on a family property from dear departed aunt and uncle what's their name and you're told the value. Cut and dry this is what the personal representative wants for the place. Don't care about market analysis, comps, competing listings. No place compares to Mom and Dad's thinking where as a mild manner ME REALTOR I see the sticks, bricks. Not just the nice aunt in the apron asking if you would like one more home made molasses date filled cookie hot out of the wood stove cook oven, parked next to the home made yellow eye or soldier baked beans.

Where in a normal CMA on the kitchen table chit chat you would have been a little more forceful about warning about wiggle room the size of Kansas proportions tacked on. But maybe as family they remember you as a little kid in shorts eating watermelon and be pretty good at horse shoes. Not sure about this real estate game, never played it with you before. But they'll give it a whirl, as Home Alone's Kevin tells the check out gal.

Because ten family members are dividing the property spoils and add some extra water to the property soup to stretch it to fill more open wallets at the end of the deal. But when it does not sell, the famiy loyalty is jettisoned, deep sixed as you sense cousins not so bosom buddied, friendly, child hood happy as maine boy kissedyou remember them.

It's the broker's fault who seems to be siding with the family segment, faction that is muttering more loudly I could have told you ma and pa's property was over priced. That we needed to get rid of all this stuff.

Should have listened to his advice about painting this, replacing that to make a real estate SOLD sign show up on the front lawn quicker.

What happened to all those "kissing" cousins you played with summers at the Maine lake?

The ones you ate hot dogs, hamburgers, waited a half hour to swing on rope into the lake water and sang songs around a fire with?

They married, and the cousins's spouses are sharp nosed, giving advice and only related to you by marriage. They may not know you, care to know you, and don't remember you in childhood family gatherings. They were not at them or in the one big happy family picture yet. It's become a sticky situation and suddenly family in business means it could be fun or tedious as you try to stay family tight, friendly. You may see the place Aunt Bea made those killer apple pies and cinammon buns with a Brand X real estate sign a year later after the family ignores the real property value you urged them to list at that went on deaf ears, ignored. The new price the one you quoted, predicted twelve months earlier would be the right one to scribble on the property yard sale tag.

Maine, she's grab your heart, she will not let go. And you'll be comfortable here.

I'm Maine REALTOR Andrew Mooers

info@mooersrealty.com | 207.532.6573

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Comment balloon 6 commentsAndrew Mooers | 207.532.6573 • August 01 2010 09:44AM

Comments

Andy....there's nothing worse that to have to deal with the family members of a young couple....they are over protective and do more damage and create more lost opportunities for young people....they should stay the hell out of it....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 10 years ago

Interesting question, Andrew. My parents owned a lake cabin in northern Minnesota. After my father died my mother moved to North Carolina and gave the cabin to her seven children. Four wanted to sell it, three wanted to keep it, and 1 wanted to own it (me) but couldn't afford it. I had been an agent for about a year in the area and none of the other children lived within 150 miles of the place. We ended up selling it and everyone was happy. I was never so freed up in my life. Moved to Seattle.

In Seattle, I met a woman (also an agent) and married her. Her sister sold her home to a friend, got married, and then they listed that home with my wife, to high, re-listed with another agent at my wife's suggested price and it sold in a week. They bought another house, slightly out of area, with yet another agent.

Some families work well together and some don't. It's all water over the dam now. I would suggest that for immediate family, one agrees to do it for cost and hope that someone involved insists that you should make your wages.

Posted by Glenn Roberts (Retired) about 10 years ago

If you are a broker, agent that moves far far away...the relatives you deal with are not the ones you played hide and go seek with, but related maybe to your spouse unless they moved away from Mayberry too. The concept of relative clients may be mute for some.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 10 years ago

Family member can certainly change the dynamic of a real estate transaction. I've dealt with a few and some were hilarious, some turned out to be a bit tense but all worked out well in the end.

Posted by Nell Lindner, Brazosport Area Specialist (American Realty, Lake Jackson, TX) about 10 years ago

Andy...I spent 25 years in the car biz and hated dealing with relatives...It's the same in Real Estate...I do it because I should and because I want them to be treated fairly...But, simply put, I don't like it at all...Enjoy the day.

Posted by Ernie Steele, Call me, let's get started!!! 717-273-3774 (Berkshire Hathaway HomeServices Homesale Realty) about 10 years ago

Thanks for popping in, comment Nell and Ernie.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 10 years ago

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