Should your mother-in-law be your real estate agent (or your mortgage broker, home inspector, etc.)?

"Whether or not you agree with the saying time is money, I believe that whatever you think you might be financially saving by going with a third-party real estate professional, you will likely breakeven or worse, be in a deficit hole, if you deduct the amount of time that is lost between hostility and all around bad blood if you decide to avoid working with a close family member (or friend) with whom you want regular contact."

"the older we get, the more we realize our mortality, whether through illness, loss of other family members and friends, or simply our aging appearances (I feel like I randomly woke up one morning with a patch of gray hairs around my temple, ha!). So the opportunity cost for something is not simply the dollar amount. It also includes lost time, peace of mind (including the ability to attend family functions without literally or figuratively throwing knives or forks like on FX's The Bear), or any other benefit."

"If so, you probably remember Mastercard's marketing campaign, Priceless. In this commercial example, the cost of a dress was not simply what was spent at the store, but the expression on her ex's face priceless. In short, be sure to factor in the cost of your peace of mind, which frankly may be priceless (as the old Mastercard commercials wisely affirmed)."

Opportunity cost includes non-monetary losses such as time, peace of mind, and ongoing family contact. Choosing a third-party real estate professional to save on fees can trigger hostility and damaged relationships when avoiding a close family member or friend with whom regular contact is desired. Distant relatives or acquaintances rarely seen present lower social costs. Aging and mortality increase the value of time and harmonious relationships, making emotional costs more consequential. The cost of a transaction should factor in lost opportunities to attend family events peacefully, maintain relationships, and preserve mental well-being, not solely the dollar amount.

Read at www.housingwire.com