want to sell my home to my tenant

Guest 0.10 Dollars($)

I've owned my home for 5 1/2 years, and for the past year have rented
it out to a young lady. She's been an excellent tenant. I am in a position
currently where I will be moving from living with my boyfriend and returning to living on my own. Rather than depend on the rental income for
for my my monthly bills, and the possibility of incurring substantial
repair bills,in their untimely event, I would like to sell the house. What steps are necessary for me to complete this process in a cost effective manner,
since I have a buyer, contingent on her ability to obtain a mortgage,
and do so within the next couple months, and not interrupt the flow of both
mine and the renter's monthly finances? There's not alot of extra money
with either party.

Guest 0.10 Dollars($)

Hi amdg/Illinois,

I think you should first consult with a good real estate agent. He will help you to sell the house in the possible cost effective way.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Amdg,

If your tenant is approved for a mortgage then there won't be any other problem.

You have to talk to the lender to settle the amount of closing cost that you are supposed to pay.

You may also take the help of a real estate agent who might work for both the buyer and the seller and negotiate the amount of closing cost that each has to pay.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Amdg,

Welcome in this forum.

One of the easiest ways to sell property is to find a good real estate agent. So you should first find a good real estate agent who will help you to sell the property in cost-effective and you can avoid the legal intricacies.

Now before going for selling a home, you should calculate the costs that you need to pay like paying off your mortgage payments, commissions to the broker, closing costs, Excise tax for the sale etc.

Now if your tenant is getting the mortgage in the coming two months and she agrees to buy your house then half of your job is done. Just contact with a good real estate agent and he will help in the selling process.

Best of luck,
Larry

evolovik26 · Posted: Mon Nov 19, 2007 8:53 am Post subject:

You can get a real estate agent to draw up a purchase agreement for you (if you know one it might be cheap since you already have a client and a home wich means there is not much a realtor has to do) As far as your tennant is concerned she should contact a reputable lender to see what she qualifies for and you can work out an arrangment where you pay her closing costs from the proseeds of sale to offset the ammoutn off money she needs to come up with. If the realtor wants to charge too much you can attempt doing owner to owner sale without a realtor but make sure you have someone knowlegeble putting together the mortgage agreement ( the loanofficer/banker might know a guy)

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