Selling to a tenant

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Topic: Selling to a tenant

Home and Garden April 24, 2013 at 1:42 pm

Selling to a tenant

We are in initial talks with our renters to sell them our townhouse in Arlington. Just looking for steps in the process. We were planning on getting an appraisal (and then if things go well) and hiring a real estate attorney. I already have comps from a friend who is a realtor (it is a townhouse is a fairly large condo complex).  Has anyone done this? Wondering what others have done … i.e. have you come up with a reduced price since there won’t be the realtor commisions? Any other tips?

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Some of the logistics from the FSBO thread at might be applicable in your situation.

We just went through a similar process for a condo in DC (might have different requirements), but from the other way around. We were the tenants.
The landlord had a seller’s agent to give the seller piece of mind, but we negotiated the price down because the realtor fees would be half since we did not have a realtor. Frankly, I felt the seller’s realtor added nothing to the transaction except a blank form contract, which required many revisions. They earned an easy commission for doing almost nothing.
Keep in mind, the tenants likely will need financing and the lender will require an appraisal. You could make your agreement contingent on the appraised value being within a certain amount/percentage of the sales price, if you are worried. Of course, the lender will hire the appraiser and will not necessarily have your interests in mind. Just a thought.
The title and escrow agent’s attorneys handled the transaction professionally. I’d recommend Paragon Title, but I am not sure if they do VA transactions.
Good luck.

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