“Hi Gary. I want to sell my rental and my tenant is interested in buying. Can you handle that for me?”
Yes, I’d be happy to. But first, excuse me if I’m a Negative Nancy or, if you’re a Saturday Night Live fan, Debbie Downer.
In my 30 years selling homes for clients, many tenants have wanted to buy the home my client rented to them. After all, most people dream of owning a home, don’t they?
Indeed, while a few of the tenants bought those homes, about 90% were just dreaming and did not buy the home.
So here’s my caveat…
Many owners have waited week after week after week for a tenant who says things like, “I’m working on it,” “Give me more time to get my financing together,” or “I’m waiting to hear from my uncle if he’ll help.”
Don’t get sucked into that. Instead…
The moment your tenant expresses interest, stop and give me their contact info. I’ll:
- Make sure they’re serious
- Have them talk to my preferred lender to get preapproved
- Negotiate the price and terms for you
- Handle the contract
- Deal with the mountain of disclosure forms
- Arrange for and handle all inspections
- Make sure everything moves along smoothly and the escrow closes
In other words, I’ll basically do my job as an agent.
The point is, don’t take those things on yourself, possibly give the tenant too long, or agree to something you shouldn’t, then hand it off to me.