How Do I Sell My House To My Son?

[@9liveslisa]

My Dad bought me a house while he was alive and I paid him rent every month. Then when he passed away the house was given to me free and clear. It worked out well for both of us. I am eternally grateful.

[@codingsensei3934]

Sounds like a wonderful father. Very lucky, sorry he passed

[@budgarner3522]

Excellent, thoughtful advice as usual, Dave. Letting people know the whole thing and just be businesslike about it is priceless. Experiencing family who picked over homes at the death was not good. And family and friends who have to go to court because they've' inherited' a house that does not have a will, a clear title, many delinquent taxes and other things is not something you want to pass on to family.

[@genxx2724]

They never asked about GIFTING the house. The question was how to SELL the house to the son.

[@harleyharleyharley]

It was answered just that you don't understand estate planning...and I don't agree with his answer ...this is a family problem if there are other siblings...nothing is free even if your the pastor...earn money and get debt free....never addressed the real issue a family and no money saved.

[@genxx2724]

@@harleyharleyharley ⚖ That’s rich. 🤣

[@Fishouta]

Dave said he would not sell it to the son. Therefore, no advice given on how to sell it.

[@theyhateme8763]

and he gave them a work around

[@ginger6582]

Ramsey gave the correct answer. You just don't understand what a trust is and what goes into it. The house is in the trust and is part of the inheritance.

[@NYNC88]

Talk to an estate planning attorney.

[@katiegilbert1131]

How can he afford the taxes and insurance on the house?

[@mister.Ed1]

He better go get a job.

[@MultiTlp]

Dave..................she said how do I SELL my house to my son, not give.....

[@ginger6582]

Dave also said to take his inheritance monies away from their other assets. You missed that part.

[@bobbythomas6520]

^ and he said take it up with a professional

[@genxx2724]

@@ginger6582 That concerns “giving”. The question was about a sale, not a gift. Dave went off on an excursion into the weeds.

[@MultiTlp]

@@ginger6582 she didn't ask about any inheritance. She asked how to SELL it to her son. I didn't miss anything...

[@ginger6582]

@@MultiTlp Yes you did, Dave told her to speak to the professionals that deal with on an on going basis. I am sure they have seen the good and the bad on how to handle this. His advice was right on.

[@JohnJohn-wr1jo]

Best advice was his first comment " check with an attorney" Dave stumbled into a few of the potential issues but trust me there are many more. I've seen this scenario deteriorate into family nightmares that nobody saw coming. Giving assets away before death can come back to haunt you. 1.25 million in assets after gifting the house sounds like a lot of money but in today's dollars, realistically your one disease associated with long term care away from being homeless.

[@johnmartin4641]

When I first read the title, I thought it said “how do I sell my son?” and thought “someone is taking Dave WAY too seriously”😂

[@truthbetold6942]

This is superb advice. I am going to take it for my family situation.

[@sebastiaanvandoorn3223]

With a 2M wealth, who's giving away 750K? Sounds reasonable if you're 10M+, but not in this case. You could consider selling the house on a small plot of land at a reduced rate.

[@steve-on3234]

The question was how to “sell” it to him. Not give it to him ?

[@patrickkillabrew6207]

Easy. Rent him the house. Give it to him in your will.

[@PCConditioning]

Just wondering why the switch from headsets to earpieces and standing mics?

[@mrsmith1339]

Give the son a house and nothing to the daughter. He gets a free house and she pays her mortgage? At Xmas past did they buy him a car and give her a bicycle?The caller or spouse might live another 30 years. What does a lien with no payments accomplish ? Do they think the son might sell the house?

[@theyhateme8763]

you don't know the relationship with the daughter? she might not be the one that deserves the house or money? you also do t know if mom helped by that house. or gave them the land to build in since it's next door to theirs. many things fall into factor.

[@stud6414]

Ok, Capt Simp

[@bobbythomas6520]

“How do we sell the house to him” they aren’t gifting him anything? What are you on about

[@bobbythomas6520]

Dave then goes on to say if they do reduce the will

[@johnfbm]

@@bobbythomas6520 Yeah how are they suppose to pay for the 1000 sq ft house unless they get some money out of home sale?

[@JustinCase780]

The great news is that "housing prices will NOT go down" 🤣

[@marcroche9324]

Really?

[@hvaball150]

just another reminder that they do NOT own the land. perhaps they can rent the house to him for the tax billl.

[@marcroche9324]

Yup. Property taxes.

[@LifeandLifeMoreAbundantly]

Explain the lien scenario?

[@alinatamashevich3354]

Hire a real estate/CPA attorney!

[@alinatamashevich3354]

@@nchinth No one owes you or him anything regardless of relationship

[@djpuplex]

Must be a old letter. The bottom has fallen out of the travel nurse industry. Agency positions as well.

[@deepikavijai8859]

Great advice

[@bettysmith4527]

Sooo, sell the house to your son, who quit his job with no plan to make money for his family, and he has no funds to maintain it!

[@erikrohr4396]

The Ramsey Show has jumped on the SM7B bandwagon!

[@JamiePaterson4]

It looks more cluttered now! I wonder why they added them. Better sound? Doesn't sound any different to me...

[@erikrohr4396]

@@JamiePaterson4 The headsets sounded good! Idk. Dave looks different without the headset, the visual will take a little getting used to.

[@JamiePaterson4]

@@erikrohr4396 Yes for sure!

[@mister.Ed1]

I sure see recently see a lot of business transactions going on with family.

[@aboutwhat1930]

They need to come to an agreement with both of their adult children with whatever their plan ends up being. They need pros to help sort out the details. There's two children and the son were gainfully employed, I'd probably do it like this: Subdivide the land for the cottage. Each child gets 50% ownership of the rest. The son signs a mortgage agreeing to repay his sister with set terms based on either today's rates or rates from when he moved into the home. He's responsible for 100% of bills, including all monthly taxes, HOI, utilities, etc. If his parents need a nursing home or something in the distant future, the house is already removed from the estate limiting their spend-downs. The retirees retain the right to inhabit the family house without owing taxes or utilities (as well the as ownership of the land for their future cottage). If the retirees can't build that cottage, then they reside in the house with the son and his family. That's the messiest bit, as things can get volatile without either separate structures or at least separate wings of the house.

[@firefly9838]

That seems much more complicated than Dave's Plan. The lien put against the house would guarantee the guy has to let the parents live there too. I'm assuming they would only leave the house anyways if they had a great relationship with the son and the sons family. Given he was a pastor it's more likely than not he's a great guy just not a rich guy.

[@ginger6582]

The house is in the trust and is part of the inheritance in that trust. Parents must see an attorney to have an amendment done or the house has to be taken out of the trust. If not, when the parents are gone that trust has to be followed or the son could be left with nothing depending on what the trust says. It also depends on what type of trust the parents choose. There are many legal factors to consider here. Ramsey does not know the type of trust or what else is in the trust. He gave the best advice to talk to their attorney on the trust. Tell the attorney what they want to accomplish and what needs to be done to get it accomplished.

[@xiongly435]

Why is this more complicated than it should be

[@zackwheat5770]

I don’t giving away 40% of the parents’ net worth while they’re still working is what the mom had in mind when asking the question.

[@genxx2724]

What if there’s little or no money in the estate when they die, and they’d given the house to the son? The daughter would be disinherited.

[@tonyj9203]

Only way that would happen if they take huge chunks of equity out of the home.

[@semosancus5506]

@@tonyj9203 If they retire they will likely burn down their $1M in cash / 401k. The house's value will keep going. So it will be tough to make it fair at their death. My guess is the son has to take out a mortgage of something to make the daughter whole.

[@reese85]

@@semosancus5506highly doubt they run thru that money

[@James-yi1vk]

@@reese85 they absolutely will if they retire early and live long lives, even if the parents have a paid for house for themselves. End of life care costs TONS of money. I witnessed this when my grandparents became too old to live independently. It's shocking how much even periodical living assistance costs.

[@stevemyopinion423]

There no give. It sell. Sell because they might need the money. I don't the kid can afford it

[@xfhnhhgjbvcfg]

Same way you sell a house to a complete stranger

[@InternetUser._]

Capital gains. . .

[@xfhnhhgjbvcfg]

@@InternetUser._ safe to assume no one will be paying capital gains. What do you mean?

[@lukeharris2622]

✝️🙏

[@rdbeaz]

Use Dave's Guy so Dave gets 25% commission of the Realtors 2.5% commision

[@RealGalaxyGamers]

Dave doesn’t have realtors. Also, all the ELPs, SmartVestor pros, etc are not payed by or give any money or Ramsey. The only thing Ramsey does, is recommend them if they take his course. Stop the lies.

[@sorvoja]

The Smarvestor Pro program costs $11k annually. They need to have at least two years of experience and sign a code of conduct. There is no requirement that they need to act as fiduciaries.

[@rdbeaz]

@Galaxy Gamers um not true you are wrong

[@rdbeaz]

@sorvoja not true I called one his realtors on the referral list

[@rossmcgreg6r642]

"They've done very well... 2million dollars net worth" So, money is the measure of how well you are doing? That's messed up.

[@Wickedtingzz]

It’s sad but a lot of people see that as true

[@amireallythatgrumpy6508]

It's about the only thing that can be objectively quantified, so it's about the only thing that can be used as a measure

[@johnmartin4641]

Money pays the bills and buys food, so yes, money does measure how well you are doing. Join us in the real world. Also, this is a personal finance show, so I’m not sure how you could possibly be surprised by this.

[@derrickpigatt5195]

Well I’m this context, the entire show is based on how to win with money.

[@grayandgray]

What a joke. If I was the daughter, I'd tell mom and dad to let him keep renting it. AND He might want to consider a vasectomy. AND If he ends up being able to buy a $750K house, sure, sell him that one.

[@hoiendehe]

Dave is out of touch

[@theyhateme8763]

he's only working with the info he's given ..the lady asked how to give the house to her son .she might of Already taken care of th daughter

[@Bibleguy89-uu3nr]

She’s also probably leaving money to the daughter, and maybe the daughter is wealthy

[@tonyj9203]

@@theyhateme8763 Facts! The son's level of income wasn't even mentioned in the letter.

[@MultiTlp]

@@theyhateme8763 she didn't say GIVE, she said SELL, big difference

[@reese85]

Lol you say this ever vid

[@mohammadwasilliterate8037]

*Charge him rent but save it as payments to buy maybe?*