I have owned a house for nearly 20 years. 2 years ago I moved into my girlfriend's house and I began leasing my house it to a tenant. His current lease runs until next September and he has told me that he wants to buy his own house, and is interested in buying mine if I am willing to sell. I think it could be a good move for both of us. I do not really feel like dealing with any other future tenants if he were to decide to move. I am hoping to have my first child next year and may eventually require moving into a bigger house with my girlfriend and baby - and could use the funds from my own home sale to make that transition easy. I am also confident that I can invest the profits wisely and make similar returns to what I am making off the current rental.
A few questions have come up as I have never sold a property before.
- Since I have found my own buyer, can I cut realtors / home inspections out of the equation?
- What kind of savings would this give me? - I am willing to pass on some of this savings and give my tenant a slightly-better-than-market price that is beneficial for both of us.
- Who else would need to be involved in the sale? I assume I would need a lawyer to draft documents?
- If my tenant takes out a new mortgage to buy the house - do I get one check from his bank for the home sale? I am estimating the house is worth about $225k and I currently owe $35k. Would I have a tax expense from the property sale?
- What else am I not considering? I would like to let him know in the next few months what my plans are.
Submitted November 16, 2021 at 09:14AM by becauseineedone3 https://ift.tt/3chzI8c
