selling rental to tenant
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selling rental to tenant (by Colleen [GA]) Feb 23, 2018 9:28 AM
       selling rental to tenant (by Vee [OH]) Feb 23, 2018 9:52 AM
       selling rental to tenant (by Landlord ofthe Flies [TX]) Feb 23, 2018 11:36 AM
       selling rental to tenant (by RB [MI]) Feb 23, 2018 12:02 PM
       selling rental to tenant (by Gwen [OH]) Feb 23, 2018 12:15 PM
       selling rental to tenant (by David [NC]) Feb 23, 2018 4:08 PM
       selling rental to tenant (by NC INVESTOR [NC]) Feb 24, 2018 6:23 AM
       selling rental to tenant (by Ray-N-Pa [PA]) Mar 1, 2018 7:27 PM

selling rental to tenant (by Colleen [GA]) Posted on: Feb 23, 2018 9:28 AM

I gave my month to month tenant 60 days notice to vacate because I am planning to list the house once she moves out. That means her move out date is Feb 28. In the first week of Feb she asked to buy it and we agreed on a price. She still wanted to get an appraisal and inspection but thought she could close by the end of Feb because she was buying with cash.

I told her I would help her create a purchase agreement but she said she would have a friend who is a realtor help her. And I still haven't received it...and Feb 28 is on Wednesday. She now says the appraisal couldn't be scheduled until March 2 and she is having a closing attorney draft the purchase agreement and he can't get that to me until Mar 1. Hmmm...I know she is stalling but I suspect she really just procrastinated and didn't get the paperwork to the lawyer until I pressed her. I told her I will not extend her lease without having a purchase agreement.

I have sold homes without realtors before but I have never sold a home to the tenant and I am really trying to keep two separate transactions. Do I need to create a lease extension that gives her one more month to close or get out of my house. If I accept rent for March, do I have to give her another 60 days notice to vacate? Or better to have her sign a new rental agreement for March and spell out the new terms more explicitly?

Thank you!!!

selling rental to tenant (by Vee [OH]) Posted on: Feb 23, 2018 9:52 AM

So you will be getting the March rent on time? from what I am reading they have the cash to work with - will you pro-rate? I would not cause it will be another 30-45 days till closing. The rent keeps coming till the deed transfers... And in case you have thought about becoming a bank for this tenant, I do not think it is a good idea - OH I forgot they have cash so you will be awarded at the closing table with a cash sale...

selling rental to tenant (by Landlord ofthe Flies [TX]) Posted on: Feb 23, 2018 11:36 AM

Put a for sale sign in the yard and start showing the house. Let her know that until she hands you an acceptable offer, you're not waiting around. See if that reduces her procrastination.

selling rental to tenant (by RB [MI]) Posted on: Feb 23, 2018 12:02 PM

She's Dancing. --47.35.xx.xx

selling rental to tenant (by Gwen [OH]) Posted on: Feb 23, 2018 12:15 PM

This is all baloney. Appraisals in a lot of places are done by computer only now. Mine was almost 20 years ago.

Appraisers know that they have to get things done. Besides, why does she need one? There is no mortgage. she already agreed on a price didn't she? didn't her realtor friend know the market?

Purchase agreements are standard forms, no attorney needed if she is working with a realtor. There is no bank, the realtor's company has an in-house escrow or deals with a regular title company. Ask who it is. This should be sailing through.

There is a phrase called "time is of the essence" used in real estate. She has dragged this out long enough. She has no written agreement based on what you have said. She does have notice to be out by the 28th.

If she has the cash why is she renting?

I can't address GA law on staying over and having to give a new notice. But next might be an inspection contingency or something else to delay things. she is not showing good faith, and time IS of the essence.

She is not serious about buying. She probably changed her mind. Get her out before the prime selling season starts or get the money now.


selling rental to tenant (by David [NC]) Posted on: Feb 23, 2018 4:08 PM

ARound here appraisals take a couple of weeks to schedule

selling rental to tenant (by NC INVESTOR [NC]) Posted on: Feb 24, 2018 6:23 AM

I would treat her as any other potential buyer. When a seller has a cash buyer they always require a proof of funds letter from the buyers bank or some other financial institution. This generally accompanies the offer sheet but in this situation it is fair to request it upfront. Also, no one takes a property off market until it is under contract accompanied by earnest money.

I would tell her you want the proof of funds by Tuesday and a contract no later than the 27th. If the attorney cannot write the contract then the realtor can and the attorney will have time to review it on the 1st. Until you receive these items the property needs to remain on the market.

As David noted appraisals here are being scheduled 2 to 3 weeks out and that time will increase as we get closer to prime selling. The only appraisals being done by AVM are refi's and generally only permitted if the current bank is providing the refi otherwise banks are demanding independent appraisals. Just because she is paying cash should not preclude her from getting an appraisal and home inspection. My experience in selling is cash buyers are generally do more due diligence because they do not have the security of the bank doing it for them.

The buyer always has the choice of selecting the closing agent so you have absolutely no say in who she chooses.

How to handle the lease? First see how she responds to your demands. You do need to explain to her that you need to treat her offer to buy the same as you would any other potential buyer. --71.75.xx.xx

selling rental to tenant (by Ray-N-Pa [PA]) Posted on: Mar 1, 2018 7:27 PM

How did the appraisal go?

Subject: RE: selling rental to tenant
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