I currenlty have renters in a property and they are intersted in purchasing the home. How can I sell the house to them with out going thru an agent?

Asked by Cgoff17, Arlington, TX Thu Apr 14, 2011

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16
Dallas Texas, Agent, Dallas, TN
Thu Apr 14, 2011
Called a FSBO - get the required documents for a sales contract and follow the state statues (law) of selling any property residential or commercial. If you don't can be sued.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote
Alex Haidar, Agent, Cambridge, MA
Wed Oct 31, 2012
I would recommend you work with a Real Estate Broker to prepare the initial paperwork for a flat fee, then present the paperwork to your attorney for further processing. The attorney should know how to then prepare the Purchase and Sale Agreement and schedule the closing. Some brokers may provide you with "A-La-Carte" services for a smaller fee than a full commission.
0 votes
Linda Balliro, Agent, Cambridge, MA
Thu Apr 14, 2011
There's no reason to list with a realtor in order to determine market value. You would end up spending a great deal of time when its not necessary if these renters are qualified, willing and able, and the price meets your needs. If you want to know market value, a realtor can provide comps for you free of charge. If you want to sell for top dollar - listing it with an great agent on the MLS is the way to go, but you sound like you are on target for your needs - you just need to make sure the buyers and the property will qualify for a loan, and you need a good real estate attorney to prepare the documents. A good attorney shouldn't cost you more than $600-$700 - there are some that charge an hourly rate - then you may end up paying $1000-2000, if there are issues with the transaction.
0 votes
Christine Mo…, Agent, Wilbraham, MA
Thu Apr 14, 2011
List it with a realtor first to see what you can get for it. The renters should be willing to pay fair market value. You can have a clause where you will only pay a buyers fee to your realtor for the current renters only or none at all.
0 votes
Louis Wolfs…, Agent, Needham, MA
Thu Apr 14, 2011
I'd also check with Bob Shanahan (617) 295-0652 at Wainwright Bank as to the tenants ability to perform and what would be required of them and have them get intouch with him as well.

Louis
Web Reference:  http://www.LouisWolfson.net
0 votes
Heath Coker, Agent, Falmouth, MA
Thu Apr 14, 2011
Normally I don't comment on questions that are outside my state, but I do have one generic caution:
If you are asked to become the bank, make sure you review all their plans, contractors, time schedules and funds to make sure they're realistic and that the job can be completed - in case you have to foreclose.

Also,
Lynn911 (your first answerer) is a very local, very good, Dallas area professional with lots of experience. you migth be able to get her to represent you or advise you professionally so you can avoid the problems you are trying to identify. (I grew up in the Dallas area.)
Web Reference:  http://www.capegroup.com
0 votes
Green Home T…, Agent, Cambridge, MA
Thu Apr 14, 2011
Ellen Kelliher is a great local attorney.617-666-9155
0 votes
Linda Balliro, Agent, Cambridge, MA
Thu Apr 14, 2011
Get that pre-approval before get too deep into it - credit can be tricky today - also - if there are structural issues, the buyers may have to use a portfolio lender - a lender who has to resell the loan usually won't loan on a property that has structural issues unless they're repaired prior to sale.
0 votes
Deb Nicholls, Agent, Concord, MA
Thu Apr 14, 2011
I notice you are in Texas, but you posted under a MA zip code. So my answer is the same as most of the others, but just make sure you use an attorney local to your property, because the laws vary from state to state.

Deb
Web Reference:  http://homes.debn.net
0 votes
Cgoff17, Home Seller, Arlington, TX
Thu Apr 14, 2011
Renters have not currenlty been preapproved but have 10% to put down. This is an older home and they are wanting to fix up and make structural modifications. That's the reason for the sale. Home inspection will be done prior to sale. We're basically just trying to sale for enough that we don't have to pay anything out of pocket. I've alrady done a market analysis so I know the property value is more than what we're willing to sale to them for.
0 votes
Louis Wolfs…, Agent, Needham, MA
Thu Apr 14, 2011
A good real estate attorney. An excellent one in Cambridge is Anthony Troiano 617-242-4400

Have you agreed on a price? Are they going to have a home inspection? Are they pre-approved?

Don't sign ANYTHING without your attorney reviewing it. Or contact a real estate EXPERT to help you at a reduced or set fee.

Let me know if you have any questions or require anything else.

Louis Wolfson
Web Reference:  http://www.LouisWolfson.net
0 votes
Linda Balliro, Agent, Cambridge, MA
Thu Apr 14, 2011
YES! You don't need an agent to buy or sell property - although I'd love to have you call me! (Just kidding). You do need a good real estate attorney to draft the P & S for you and handle any sticky issues that may come up ( you can also buy and sell without an attorney, but I wouldn't recommend it). I can recommend a few excellent real estate attorneys if you need one. ( I wouldn't recommend using an attorney who doesn't handle real estate on a regular basis).

Also, you have to get good information on value before you agree on a price - but if you are getting what you need, and the renters have been preapproved with a lender at that price, you are good to go! Protect yourself by having the renters provide you with a pre-approval letter from a lender, or proof of funds if they are paying cash.

If you would like some comps for your area, please don't hesitate to contact me, I'd be happy to provide tham as a courtesy.

lballiro@comcast.net
0 votes
Scott A. Nel…, , 02155
Thu Apr 14, 2011
Hire a real estate attorney, they'll draft the needed documents, assist you with disclosures as well as assist you with the contracts. Attorney's have the same access and sometimes more to all the needed real estate documents you'll need. Ask friends, family, colleagues for the name of an attorney they've used recently and been happy with. You may end up paying slightly more than if you were also using an agent but that'll be a wash with the savings in commissions.

Hope that helps,
Web Reference:  http://www.MedfordHouse.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Apr 14, 2011
Contact an attorney or title company, if your state uses them, and let them guide you as a Realtor would do for you. You have to get a lawyer involved at some point anyway to do the new deed.
0 votes
David Cooper, Agent, Los Angeles, CA
Thu Apr 14, 2011
I would ask them for a current credit report and financial statement before promising anything. If they have been renters for a long time and a have a good track record, it might be a smooth transaction. But the credit report and finacials will make their picture clearer

David Cooper Las Vegas Foreclosure Investpr In Bank Owned REOs with Cash Flow +1-7024997037
not a real estate agent
0 votes
Cgoff17, Home Seller, Arlington, TX
Thu Apr 14, 2011
Where can I find the documents that I'll need for the sale? Is there a website or do I need to go to the County Office to get these?
0 votes
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