 Sell Condo to Tenant (by Brendan [WA]) Jun 29, 2015 11:33 AM
 Sell Condo to Tenant (by Vee [OH]) Jun 29, 2015 11:58 AM
Sell Condo to Tenant (by Brendan [WA]) Jun 29, 2015 1:07 PM
Sell Condo to Tenant (by SharonG [SC]) Jun 29, 2015 1:28 PM
Sell Condo to Tenant (by RR [WA]) Jun 29, 2015 1:42 PM
Sell Condo to Tenant (by Brendan [WA]) Jun 29, 2015 2:18 PM
Sell Condo to Tenant (by Ken [NY]) Jun 29, 2015 4:33 PM
Sell Condo to Tenant (by pattyk [MO]) Jun 29, 2015 5:06 PM
Sell Condo to Tenant (by Ellie [IL]) Jun 29, 2015 5:15 PM
Sell Condo to Tenant (by Brendan Doyle [WA]) Jun 29, 2015 5:21 PM
Sell Condo to Tenant (by Ellie [IL]) Jun 29, 2015 6:40 PM
Sell Condo to Tenant (by Ellie [IL]) Jun 29, 2015 6:45 PM
Sell Condo to Tenant (by cjo'h [CT]) Jun 29, 2015 7:34 PM
Sell Condo to Tenant (by Barb [MO]) Jun 30, 2015 6:24 AM
Sell Condo to Tenant (by Gary G [IN]) Jun 30, 2015 11:33 AM
Sell Condo to Tenant (by cjo'h [CT]) Jun 30, 2015 3:14 PM
Sell Condo to Tenant (by Brendan Doyle [WA]) Jun 30, 2015 9:28 PM
Sell Condo to Tenant (by Brendan Doyle [WA]) Jun 30, 2015 9:33 PM
Sell Condo to Tenant (by genep [MA]) Oct 6, 2015 5:31 AM
Sell Condo to Tenant (by Brendan [WA]) Posted on: Jun 29, 2015 11:33 AM
Message:
State Specific Question About: WASHINGTON (WA)
I am thinking of selling my a Condo to current tenant. Last similar unit sold in of May for $225K.
Tenant says he can get financing. But would of course like a discount to buy.
Note - The market is hot right now for sellers. Last unit sold in 3 days. Not much inventory and a lot of buyers fighting to buy/
What would be a reasonable discount to give?
Is it difficult to close the property selling to a tenant?
Do i just need a sales agreement form and then just find a closing agent to close the deal?
Thanks for suggestions.
--141.0.x.xx |
Sell Condo to Tenant (by Vee [OH]) Posted on: Jun 29, 2015 11:58 AM
Message:
If the market is good why go lower? Find market value and possibly 3 percent? Who would give you a discount for the same idea? --75.94.xxx.xxx |
Sell Condo to Tenant (by Brendan [WA]) Posted on: Jun 29, 2015 1:07 PM
Message:
Selling directly I am thinking saves me the following:
1. 6% (3% selling agent plus 3% Buyer Realtor) Realtor fees to sell
2. Do not have to fix the Condo up to be ready to sell (new carpets, paint, other fixes) - possibly 3-4K
4. Save time with Realtors etc to sell the place and pay mortgage while place is vacant waiting for closing with open market
Market value end of May was $225K last time same unit sold.
So thinking better to give a good deal to current tenant.
Based on above - what would be reasonable price to sell for?
Is it difficult to close the property selling to a tenant?
Who do i hire to get the placed closed as in some 3rd party.
Or would pay a Realtor say 1% to help with sales agreement.
Thanks
--50.206.xx.xxx |
Sell Condo to Tenant (by SharonG [SC]) Posted on: Jun 29, 2015 1:28 PM
Message:
I would give 6% discount (since you don't pay Realtor), that's it.
No need for realtor and his faded paper sales agreement. Hire RE attorney, he should be able to take care of the sale.Blank sales agreement can be found on the internet or copied from your old purchase agreement. It has to be reviewed by the lawyer anyway, actually by both attorneys - for the buyer and the seller. --24.74.xxx.xx |
Sell Condo to Tenant (by RR [WA]) Posted on: Jun 29, 2015 1:42 PM
Message:
Contact a local title company who can provide escrow and closing services for you. They may be able to provide you the necessary forms as well.
You can google "nwmls purchase agreement form 21" to get a sample "Purchase and Sale Agreement".
Note: The tenant may not be able to get financing.
6% discount is fair. What does the tenant have in mind? --24.22.xxx.xx |
Sell Condo to Tenant (by Brendan [WA]) Posted on: Jun 29, 2015 2:18 PM
Message:
I have not started negation with the tenant yet except that they said this:
"We have been looking to buy a house the past couple years but there has not been a lot of inventory out there. Within the past couple of months things have really picked up on the market and we are starting to see some decent houses, there is now just a lot of competition.
Ultimately we would like to buy a house, but I would definitely consider buying the condo if I got a good deal. To be honest, the market is hot right now and you could probably get top dollar if you listed it."
- Condo is my place that i rent to tenants now.
- I agree 6% sounds a good discount, was thinking a little more but lets see after I suggest 6% to them
- Escrow/title company I am hoping can help with closing and paperwork sample for purchase/sale agreement
- I dont think an attorney is needed if escrow/title company can do all for both me the seller and the tenant the buyer.
And Agreed totally all this pending can the tenant really get financing.
I am think that is the first thing i need to ask them - have you been pre-approved for an mortgage
And then mention 6% discount.
Thanks, --50.206.xx.xxx |
Sell Condo to Tenant (by Ken [NY]) Posted on: Jun 29, 2015 4:33 PM
Message:
I would start by asking the tenant what they are willing to pay,you may be surprised --24.92.xx.xx |
Sell Condo to Tenant (by pattyk [MO]) Posted on: Jun 29, 2015 5:06 PM
Message:
my guess is they want a deal... 10% off may or may not do it. Put your writing in paper and send it to them. Just a number not the reason you picked it... put your offer in writing, I would not ask them a price. You are the seller. --184.239.xx.xxx |
Sell Condo to Tenant (by Ellie [IL]) Posted on: Jun 29, 2015 5:15 PM
Message:
I am currently selling house to tenant. Did sales contract. They took their copy to lender and started loan process. I took my copy to title company and they started closing. I gave title company the buyers contact info. They have already started inspections. I raised price $1500 and put in contract I would cover up to $1500 in closing. Tax deduction to me. Buyer doesn't have to come up with closing costs out of pocket --107.77.xx.xxx |
Sell Condo to Tenant (by Brendan Doyle [WA]) Posted on: Jun 29, 2015 5:21 PM
Message:
Ellie,
Did you give the tenant a discount on the current market price? Or they happy with current market value?
Sounds easy enough to close without Realtors - I like this, just a P+S agreement signed and then get a title/escrow/closing company and have tenants contact their mortgage people.
All comes down to agreed price now wit the current tenants to see if we can come to an agreement....
Thanks, --184.10.xx.xxx |
Sell Condo to Tenant (by Ellie [IL]) Posted on: Jun 29, 2015 6:40 PM
Message:
I sold it to them for a little less than others on market but over twice what I paid for it 18 months ago. We close Aug 5th --107.77.xx.xxx |
Sell Condo to Tenant (by Ellie [IL]) Posted on: Jun 29, 2015 6:45 PM
Message:
Brendan offering to tack on the closing costs to your sales price costs you nothing. It is deductible as an expense so you do not pay capital gains on it. On the other hand it helps the buyer because they do not have to come up with the money out of pocket. That might be a good enough incentive for him without lowering the price. --107.77.xx.xxx |
Sell Condo to Tenant (by cjo'h [CT]) Posted on: Jun 29, 2015 7:34 PM
Message:
Brendan,I'd say that you're probably day dreaming of selling it to your tenant.He likely won't be able to get qualified for a mortgage,if he is then that's good.But treat him like you would any other potential buyer.You'll end up paying the closing costs.Did you get a big break when you first bought the property? Use your discretion. Then sell to the highest and best buyer. Charlie............................... --70.215.xx.xxx |
Sell Condo to Tenant (by Barb [MO]) Posted on: Jun 30, 2015 6:24 AM
Message:
In Missouri, buying and selling without an agent is easy.
Write a sales agreement - seller agrees to sell property known as 122 main street unit A, legal description of blah blah blah to buyer for the amount of $XXXX XXXX . The deposit of $XXXX is to be held in escrow by third party (title company) until closing. Closing costs up to $1500 to be paid by seller. Closing to take place on or before August 15, 2015 (or agreed upon date) at title company. Seller to furnish proof of lending agreement by bank or proof of funds to title company by July 15, 2015.
Take copy to title company, buyer takes copy to bank, close in a month or so.
I'd take off up to 5-6% if you want to sell, but no more. --67.43.xxx.xxx |
Sell Condo to Tenant (by Gary G [IN]) Posted on: Jun 30, 2015 11:33 AM
Message:
It is good to think about what discount you may accept, however DO NOT TELL THEM HOW MUCH DISCOUNT YOU WOULD ACCEPT! MAKE them tell you what they want after stating that similar units recently sold for 225! When they tell you, be prepared to act out your hurt feelings at their low offer and then say is that the BEST you can do? Practice your acting skills in the mirror. Really practice, if you are not prepared, it will cost you 10k! good luck --99.132.xxx.xx |
Sell Condo to Tenant (by cjo'h [CT]) Posted on: Jun 30, 2015 3:14 PM
Message:
Brendan, Listen to Gary. G. He seems to have been on center stage and perhaps did a little Shakespeare. Charlie................................ --70.215.x.xx |
Sell Condo to Tenant (by Brendan Doyle [WA]) Posted on: Jun 30, 2015 9:28 PM
Message:
Many thanks all for the advice here - its been very helpful.
- Tenant is pre-approved for 350K
- Tenant wants to know bottom line from me
- I have asked him what he is willing to pay; No answer on that!
- Also have given the tenant 2 months to vacate or buy it; which is fair to both of us
Will wait on the tenant to tell me what they are willing to pay; If no answer to that, can call them on the phone next weekend say
(I agree with general assessment of 6% for both; bottom line for me)
This was the tenants remark "I will be out of town the last 2 weeks of July so the earliest I could be out of there would be mid August, I would hope to at least have until the end of August. I have been a good tenant so I hope this would not be too much to ask for.
I am currently pre-approved with BECU for 350K. Let me know your bottom line price and I will consider taking it off your hands."
My answer "Yeah you have been a good tenant for sure. Lets say the end of August for move out date.
What would you be willing to pay for the place that would be fair to both parties?"
Thanks, --184.10.xx.xxx |
Sell Condo to Tenant (by Brendan Doyle [WA]) Posted on: Jun 30, 2015 9:33 PM
Message:
Also - i believe he wants to buy a house ultimately rather a Condo - from before:
"Ultimately we would like to buy a house, but I would definitely consider buying the condo if I got a good deal" --184.10.xx.xxx |
Sell Condo to Tenant (by genep [MA]) Posted on: Oct 6, 2015 5:31 AM
Message:
how to sell prop to your tenant email thread --208.54.xx.xxx |
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