Selling to tenants: pro and cons

[Christian Luong]

Hi there

I was about to list my house for $549,000 (Northern Virginia) on redfin. House is in decent condition (new roof). Tenants mentioned they were interested in buying and sent me a pre approval letter for $510,000. They will not be ready for the next 2 months because they need the down money

I am trying to navigate the pro and cons

Pro

- Saving on commissions like Seller agent 

- anything else?

Cons

- not a fast deal: market can change in two months and deal can fall through

- possibility making less money selling to tenants than listing on the market 

- anything else like risks etc?

Next steps

1) Home appraisal - buyer wants one, but what if it comes at much lower than $510,000

2) Buyer agent - Buyer wants a agent - shall I pay a flat fee? and how much shall I offer?

3) Real estate attorney - I need to hire one

4) Title company 

5) Anything else?

Thanks a lot :)