Selling to tenant without an agent

[Kara Doenges]

I am hoping to sell one of my Birmingham-area properties to the current tenant. I am located out-of-state and would like the process to be simple and affordable. I’m looking for suggestions on the most efficient route for doing this that might save me realtor fees and be legal/efficient/simple for an out-of-state investor. I have a buyer and an agreed-upon price so I think it would be fairly straightforward. Maybe a real estate attorney?

[Joe Norman]

It sounds like you want a process that is both Simple and Cheap, and I think you're going to have to compromise on one or the other. 

If you want to go the Simple route then contact a local Agent, if you already have a buyer lined up and just need Paperwork and Transaction Management help then I'm sure you'll be able to negotiate a reduced fee (assuming there isn't a buyer's agent involved).

If you decide to go the Cheap route, then contact a real estate attorney (some times referred to as Title Attorneys/Title Companies depending on what part of the country you're in) and they should be able to handle the transaction for you. You may not end up saving all that much money though, especially if they are creating the contract for you.

A few things to consider:

- Is the buyer pre-approved with a reputable local lender?

- What will the home inspection contingencies be?

- Will there be an appraisal gap addendum? (very common and important in today's market)