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This is a real estate sale-For Sale By Owner & Landlord

Hello. This is a...

Hello. This is a real estate sale-For Sale By Owner & Landlord Tenant Question

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

Tenants have been notified they must leave in 30 days so that owner can put the house up for sale.

Lawyer's Assistant: Where is the house located?

Tenants say they are interested in buying the house. What do owners typically do in a situation like this

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Owner has already contact several real estate agents and has not yet selected one. Because tenants are already in the house, would not make sense to pay a commission or finders fee to an agent. How can owner find out procedure for selling and managing financing for purchase of owners house by landlord. Are banks usually contacted about this?

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Answered in 2 hours by:
3/26/2018
Irwin Law
Irwin Law, Attorney
Category: Landlord-Tenant
Satisfied Customers: 7,569
Experience: Attorney 35 years extensive and active real estate practice; represents both landlords and tenants
Verified

If the tenant wishes to buy the property and can obtain the necessary financing, there is no reason for real estate brokers to be involved. The tenant can simply obtain a lawyer to write up a purchase agreement, which is subject to with the approval of by the seller, and the transaction can be closed as soon as the tenant obtains a mortgage commitment from a bank. The closing will most likely be done by a title insurance company. I wish you the best of luck.

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Ask Your Own Landlord-Tenant Question
Customer reply replied 3 months ago
Thank you Irwin Law.
1. Does the tenant have to pay for an appraisal to find out the market value of the house?
2. Will the tenant's bank take care of all of this?
3. What about title searching. Does the tenant pay for that too?

1. Does the tenant have to pay for an appraisal to find out the market value of the house?

A. The bank that loans tenant the moneywill require an appraisal. That will be part of the mortgage loan costs that the tenant pays.
2. Will the tenant's bank take care of all of this?

A. I am not sure what you mean by "all of this". What is 'this'?

3. What about title searching. Does the tenant pay for that too?

A. Usually it is the seller who pays for a title insurance policy insuring the buyer's title.

Irwin Law
Irwin Law, Attorney
Category: Landlord-Tenant
Satisfied Customers: 7,569
Experience: Attorney 35 years extensive and active real estate practice; represents both landlords and tenants
Verified
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Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Landlord-Tenant
Satisfied Customers: 7,569
7,569 Satisfied Customers
Experience: Attorney 35 years extensive and active real estate practice; represents both landlords and tenants

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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