Experience buying from family members?

[Ben Dubinski]

I am wondering what has been anyone's experience buying a property, in my case would be a primary residence from a family member. My wife and I feel we can and should sell our current home, for a few reasons. The market in our area as in many areas has appreciated greatly and we would do pretty well on the sale. That is secondary to be honest. Our home backs up to about 150 acres of woods that for these past 9 years have provided privacy and peace and quiet. Well it has been sold to a developer who intends to build either 138 new single family homes, or up to 390 apartment units. The main entrance to this long term project will be right next to my front lawn.

So we think it may be time to put the sign on the yard and try to get out while the gettin' is good. Trick is, we want our kids to stay in the same school, which we could do by buying my in laws home, which they have been wanting to sell and downsize for some time now. Anyone have experience buying from family? Obvious pros or cons? Any advice on what professionals to bring into the conversation? Thanks for any insight.