Home Selling in Potomac West>Question Details

Lucky1, Home Buyer in Alexandria, VA

My renters have expressed an interest in buying the property so it looks like I can do without a real estate agent. What do you recommend?

Asked by Lucky1, Alexandria, VA Tue Jul 23, 2013

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Some great answers here but some things not covered. If you truly believe the pricing is set right you can always ask an agent for a reduced fee to coordinate the transaction and ensure you have all paperwork and everything is done to legal code of Virginia. The agent does not have deal with advertising, showings, ect or have to pay the other agent for bring in clients. I would take that deal any day while making sure everything went smoothly for both parties call me if you need assistance.

Van Garrett Jr.
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Samson Properties
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0 votes Thank Flag Link Tue Feb 24, 2015
Just make sure you know the market value. You do not want to leave money on the table. You can also list the property with a REALTOR an put a clause that you will not pay a commission if your tenants buy the property. That way you increase the chances of getting multiple offers.
0 votes Thank Flag Link Tue Oct 8, 2013
You have already received several great answers. First of all depending on what community you live in, the price of your home may be on the rise, get a cost analysis of your home. Secondly, get your tenant to get a preapproval letter for the mortgage, and then you want to have an escrow company hold about 1%or more escrow money from your tenant to show good faith. Now all the documents ,the contract, the jurisdiction information, home inspection documents/timeframes, any HOA/Condo doc rules. I could write a story so let me end with, I am a realtor in VA and I sold a home in MA and I hired a realtor to ensure the escrow was taken care of along with all the State Jurisdiction laws.

Good Luck,
Sheila Hawkins
0 votes Thank Flag Link Wed Sep 18, 2013
Do you know anything about whether the tenant is financially qualified to buy? Do they have a lender letter showing this? Do you have proof of fund for the down payment and closing costs? What are you doing about the earnest money deposit? What about all of the legal requirements in a contract?

Yes you can do this sale without a Realtor® but in the absence of a Realtor® you should have an attorney to draw up and review your contract. It might sound like a piece of cake to handle this as a FSBO but far to many deals fall apart when homeonwers try to handle a sale by themselves.
0 votes Thank Flag Link Tue Jul 23, 2013
That is great if your tenants are expressing interest in buying your property.
I would recommend contact us to get FREE Comparative Market Analysis of your property.
There are several actions need to be taken by both SELLER and BUYER in order to have a sucessful sale of a property.

Since, you already have a buyer we could waive buyer's agent fee to save your money.

We have in house mortgage approval and settlement company too!

Please contact us to discuss.


Junaid Bashir - Realtor
Bashir & Associates LLC
0 votes Thank Flag Link Tue Jul 23, 2013
You belive that FINDING a Buyer is 99% of the process?
You are about to get a rude awakening.
0 votes Thank Flag Link Tue Jul 23, 2013
I concur with the first answer. In absence of a real estate agent involvement, usually a settlement attorney will represent the contract. But I have had landlords as well as sellers who asked me to review Leases or sales contracts drafted up by attorneys or military JAGS and they were missing ALOT of clauses that are standard in our realtor contracts. I would suggest that the real estate board has learned the most lessons the hard way and created the best legal documents to protect all parties in a sale...probably worth a small commission or flat fee to hire a Realtor(R). :0)

Karen Hall, Principal Broker
@home real estate
Alexandria, VA 22314
0 votes Thank Flag Link Tue Jul 23, 2013

The majority of homebuyers find their home with a real estate agent on line. Real estate agent will only show homes listed with another agents and most websites requires the property to be listed with an agent in order to show up.

If you are going to sell your home, you will need to invest a lot of time to do so. Remember you will have to be around to show your house when it's convenient for potential buyers.

A real estate agent will be able to market, advertise and show your house to qualify buyers, not to every buyer from the street. A real estate agent will be able to review the offers and make sure that you are getting the best terms, conditions and price.

Hire a real estate professional that can guide you through this process. If you need to save money, ask your real estate agent if they offer any discounts. Often an agent will discount their commission on the listing side if you buy your next house with them.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Tue Jul 23, 2013
Dear Lucky One:

I still remember when our friend (now deceased) boasted that he sold his $190,000 for $160,000, and saved the REALTOR's commission. I sold an estate property last year in Alexandria, and the estate owns other properties in the exburbs. The tenant has stated for over two years that she wishes to buy the property from the estate, but fails to take any forward moment. (In other words she is delaying the selling process to say there longer.)

You should be able to "contract" a REALTOR for a two percent commission, or for a flat fee. As a contractor, the REALTOR should represent the transaction, and neither or the parties. A contract will be entered into by the parties and the REALTOR stating such. A caveat: You do not want to inadvertently omit a disclosure with the possibility that it will come back to "bite you" later,

Hope this is helpful - Yours sincerely - Robert Lepelletier - REALTOR, GRI, ABR & SFR - Broker - Associate - Classic Realty 703-310-7880 or bob@bobtherealtor.pro
0 votes Thank Flag Link Tue Jul 23, 2013
You are probably going to need somebody to help you navigate the process. Purchasing or selling a home is one of the biggest financial transactions most people ever go through and there can be many pitfalls. Contact your attorney and ask them to write the contract, handle the negotiations, and perform the actual closing.
0 votes Thank Flag Link Tue Jul 23, 2013
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