Can I sell a home to a relative for less than full value (basically what is owed), and if so, what are the considerations? I live in WA, Thurston County..
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Yes, you can sell to a relative. In these particular cases, value only comes into play if the buyer needs to get financing – then you could have an appraisal issue (not likely if the values are less than market) There are, in the State of Michigan, tax breaks for selling to a ‘entity less than arms length’ (ie; the transfer tax amount, commission, etc.)You should meet with your agent (or attorney / tax adviser) & go over all the ‘avenues’ that would lead to this closing, which is what you want to happen as your end result.