Property Q&A in 15101>Question Details

Galaxy, Home Seller in Allison Park, PA

I am looking at selling my home!!!my tenant would like to buy it!! Do I need to have the house appraised and have a lawyer?? Could someone help!!?

Asked by Galaxy, Allison Park, PA Tue Aug 14, 2012

Help the community by answering this question:


Hello, I am an appraiser and a sales agent and was a former loan officer. First of all, the tenant needs to get pre-qualified by his bank, and then you need to agree on a price and get a sales agreement signed. If you don't have a real estate agent, I would suggest getting an attorney to draw up the agreement. A real estate agent could provide you with a standardized agreement, but would probably charge you a modest commission to handle the sale for you. The bank will obtain the appraisal for the buyer's loan and guide the buyer through the rest of the process.
0 votes Thank Flag Link Tue Aug 14, 2012
Assuming you have agreed on a price, the buyer will need the home appraised if they are obtaining a mortgage for the home, the bank will require it before lending money. I would recommend you hire a closing attorney/company to do the necessary paperwork. They will make sure that everything is done for a smooth closing, there is a lot of coordination that is involved with the title search, township, county, buyer and seller when transferring a property.
0 votes Thank Flag Link Tue Aug 14, 2012
If your tenant is getting a mortgage, the lender will order the appraisal (which the buyer pays for.) As far as closing goes, I use Penn Suburban Abstract for most of my closings. The attorney is very knowledgable and will help make the transaction smooth. Call Joni at 724-776-9750.
0 votes Thank Flag Link Tue Aug 14, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer