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Friends and family transactions
May 5th, 2019 2:08 PM
We have received a number of request recently to provide appraisals for sales between family members. Getting a professional appraisal is the right way and the fair way to value the real estate for all parties involved. The seller is getting the maximum value for their asset and the buyer is not over paying. Other family members not involved in the transaction should have no recourse for some other family member getting "a good deal". There are also IRS tax implications for proving the value of the asset so it is not assumed to be a gift but a market transaction between family members. If you find yourself involved in buying or selling real estate between family members or friends, consider getting an appraisal.
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Posted by Christopher Caccamo on May 5th, 2019 2:08 PM
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