Tenant wants to buy my house June-2021

[Blake Butler]

I have some great tenants that have recently began pressuring me to sell the house to them. I wasn't thinking about it much until they proposed it, and being how crazy the market is right now I'm really thinking it's an option. It's a class A house, with great schools in the neighborhood. I've had the house for about 11 years and did a lot of improvements to it. I bought my ex out of it when we split and tried to sell it back then, but was getting low ball offers, fast forward two years and I'm being offered 25k over what I listed it for two years ago. A realtor friend told me if I were to list right now to do it for 240k and there would for sure be a bidding war within a week. I mentioned the 240k to the tenant and he just came back to me with 245k. Their lease is until 12/1 and if anything I was thinking of listing in November. Any suggestions? 

[Nathan Gesner]

Originally posted by @Blake Butler:

I have some great tenants that have recently began pressuring me to sell the house to them. I wasn't thinking about it much until they proposed it, and being how crazy the market is right now I'm really thinking it's an option. It's a class A house, with great schools in the neighborhood. I've had the house for about 11 years and did a lot of improvements to it. I bought my ex out of it when we split and tried to sell it back then, but was getting low ball offers, fast forward two years and I'm being offered 25k over what I listed it for two years ago. A realtor friend told me if I were to list right now to do it for 240k and there would for sure be a bidding war within a week. I mentioned the 240k to the tenant and he just came back to me with 245k. Their lease is until 12/1 and if anything I was thinking of listing in November. Any suggestions? 

I obviously only know what you've told us. In my opinion, they're chomping at the bit to purchase because they believe they can buy it below market without competition. If you use a REALTOR, you'll pay 4-6%. If you sold it for $250,000 and paid 4% commission, you'll walk away with $240,000 (minus ordinary closing costs). If you sell it for $250,000 without a REALTOR, you'll earn $10,000 more. 

Because it's a Class A property and the tenants have been excellent, I would consider selling it through an attorney to save yourself a big chunk of money while ensuring your paperwork is clean. Buyers can get their own attorney or hire a REALTOR or just go it alone.