Are You Calling The Shots?

Borrowing MoneyIf you are a home buyer and are receiving help financially from a family member let me first say, you should consider yourself very lucky! I’d almost go so far as to recommend buying a place with a guest room at the very least, if not that “mother-in-law” apartment over the garage. What I’m getting at, is a little something call, Expectations.


Before the process of the home search even begins, I advise you to have a really serious talk about who going to be the real decision maker. In my experience, parents are often very willing to gift their children funds to buy a home but then with that can come many desires of their own. Other times, rich “Uncle Joe,” gifts some money and never even sees the place that is purchased.


While both scenarios are perfectly acceptable, what doesn’t work is the home buyer’ misinterpretation of what the money really means when it comes to making decisions. So, before accepting and money it’s best to have an honest conversation about the involvement of the gift giver. If they have the final say, it’s best to include them in the entire process. From looking at homes, to writing offers, to attending the home inspection. Not only will this save many hours for everyone, it will ensure there are no surprises that occur after a lot of time and work have been committed. More importantly, in a market like ours here in San Diego, that moves quicker than you can say, “Mom, you should come check out this house with us for a second time, never mind, it’s already Pending and now I’ll never find the home of my dreams,” the home buyer has to be able to make decisions in a timely fashion.


To wrap up, here are two of the important things to determine:

1- Does the gift giver want to see the homes before writing the offer?

2 – Exactly how much are they willing to give or loan you and are those funds available NOW?

To find out my third important question to ask, email me at:

Carmen Harris 

No Comments

Sorry, the comment form is closed at this time.