Selling a rental house to the tenant
02-29-2016, 07:16 PM
#1
Gets Weekends Off
Thread Starter
Joined APC: Feb 2015
Posts: 319
Selling a rental house to the tenant
I own a home in Omaha and was planning to list it for sale in about 30 days. The tenants told me tonight that they were interested in buying it. Their lease is up in 90 days. I'd break the lease early if I we closed before that. This is good news to me as it will save in realtor commissions. But having never done a FSBO, what's the best way to ensure all the paperwork is taken care of properly, required inspections are completed, etc?
02-29-2016, 08:07 PM
#2
Gets Weekends Off
Joined APC: Jul 2013
Posts: 103
Omaha FSBO (For Sale By Owner)
"interested" tenant is a start, next is getting tenant qualified (loan, down payment, other), under contract, proper/complete seller disclosures, buyer loan approved (unless cash, then funds verified), sale conditions satisfied, then closed
educate yourself--suggest you contact local mortgage lender and escrow/title company for assist/direction, may need realtor (see 1% offer below)
Omaha Real Estate from FSBOinOmaha
this may be of interest/value to you:
1% For Sale By Owner Facilitation - For Sale By Owner in Omaha
remember your time is $$, also you need to insure that your are in complete compliance with all local, state and federal rules/regs in regard to your property sale.....real estate attorney and/or CPA review/input if desired
success on your sale transaction
educate yourself--suggest you contact local mortgage lender and escrow/title company for assist/direction, may need realtor (see 1% offer below)
Omaha Real Estate from FSBOinOmaha
this may be of interest/value to you:
1% For Sale By Owner Facilitation - For Sale By Owner in Omaha
remember your time is $$, also you need to insure that your are in complete compliance with all local, state and federal rules/regs in regard to your property sale.....real estate attorney and/or CPA review/input if desired
success on your sale transaction
02-29-2016, 08:19 PM
#3
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Joined APC: Oct 2015
Position: Gear slinger
Posts: 2,980
Hire a real estate attorney to make sure everything is kosher.
Make sure the tenant gets a pre-qual letter before they waste too much of your time. If it looks good, take 5% off what the full realtor Market price would be since you'd spend that on commission anyways.
Make sure the tenant gets a pre-qual letter before they waste too much of your time. If it looks good, take 5% off what the full realtor Market price would be since you'd spend that on commission anyways.
02-29-2016, 09:32 PM
#4
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Joined APC: Sep 2007
Position: 737 right
Posts: 755
I sold a house using a lease to buy agreement. I hired an attorney and paid him about $500 to draw up the paperwork and handle the closing. In addition to that the buyer was able to qualify for a refinance mortgage due to a loop hole about what I was offering her was "owner financing". You may or may not be able to do this after the fact, but its worth looking into.
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