Tenant wants to purchased home, need advice

[Joe G.]

Hello BP,
I would like some advice on a tenant who wants to purchase my home.

I was recently contacted by an RE agent who works for the property management I use to manage by home in Georgia. The agent left a message stating the tenant is interested in purchasing the home and to contact the agent to discuss further.

Background: The home has positive cash flow even with the property manager. Current tenant has been in the home for just over a year and is currently on month to month lease.

I am not interested in selling the home as it is in a good rental area, I have a quality property manager, and the unit has had a low turn-over or at least a very quick turn-over each time a tenant departs.

My hesitation: If I tell the agent I am not interested they may move out/not respect the home as much.

I would appreciate any advice on how to proceed with the above information. Thank you.

[Matt Devincenzo]

I think you're worrying too much about it. The type of people that take care of a property do so because they are good quality people, not because they just think they're going to buy it. So after you say no they'll still take good care of the property.

Also the kind of people looking for a house are going to buy a house; yours or someone else's.

So yes telling them they can't buy yours they will move out because they want to own their own place. Don't look at it as bad, wish them well and be glad that they're moving into a better position in their life.

Setting a ridiculous asking price for them is kind of insulting. If you asked someone to sell you a car would you prefer they say no or just be ridiculous and ask for twice what it's worth? People would rather you just be up front and honest even if it's not what they want to hear necessarily.

I seriously doubt you will have any problems just because you told them you don't want to sell.