All Forum Posts by: Gerich Fellermann

Gentlemen, thank you for the input!

Hello,

I was contacted by my neighbor who wants to buy a house I rent out (we used to live in it but moved).  It is my only rental property.

He wants to do a 1031 exchange when he sells another property of his and pay cash.  Until then he wants to pay a deposit with the balance paid when he the other property.  

His offer is based on the appraised value of the house (which I agree is fair) minus a 6% realtor fee.

I'm not an investor or seasoned real estate pro so would appreciate some advice on how to proceed:

-is the 6% discount for a direct sale a reasonable offer?

-what steps should I follow if I accept his offer?

-what kind of services/protections/contracts would I need as a seller?

-any other thoughts?

The house is in South Carolina

We do not live close

It is currently rented through a PM company.

Thanks all!