“Hi Gary, Im thinking of selling my rental house in the College Area. Ill probably offer it to tenant first? How do I find out value? Should I get an appraisal?
***ANSWER:
It’s smart to offer the house to your renter first. I usually ask my landlord-clients if they’ve checked to see if their tenants want to buy.
Two words of caution:
1) In my experience, most tenants are interested. But few end up buying, often after making the landlord wait several weeks for an answer. So give them a short deadline, perhaps a week. It only takes a few days or less to know if they can get a loan. Refer them to a reputable lender who’ll report back to you if they’re really qualified so you don’t waste a lot of time. Call me and Ill put you in touch with my preferred lender.
2) Once you’ve found the buyer, that’s only half the job. There are still contracts full of important small print, disclosures, other forms, inspections, negotiations, complying with legal requirements, and overseeing the entire process. I can help you do that at a reduced fee because half of the work of finding the buyer is already done.
If you’d like to get an appraisal, I can put you in touch with a very good appraiser.
If you think you’d hire me to sell the home if the tenant does NOT buy it, I’d be happy to help you determine the value for free.
Give me a call at (858)457-KENT or click here and let me know if you want my help…
