Tenant Wants My House and Got Pre-Approved

[Frank S.]

I own an SFR, 4 beds, 2 baths, 1700 sq. ft., in Houston Suburbs. My current tenant has been living there for over 5 years, never missed a payment but I think has poor credit. His lease is up and I told him I want to sell or raise the rents. He has children who have been stable in the schools and I think that's why he wants to buy the house. He recently got pre-approved and I will sell to him but unsure on how to structure the deal. Here's what I am thinking:

- 10K option fee, write up a TREC contract, Close with no agents, he pays all closing costs.

Thoughts?