Currently been living in this house for 7 years and Lanlord says he wants to sell, so it’s either move out or buy it. I’ve grown quite fond of this house and have the cash saved up to buy it in full, no loans needed. I’ve never bought a house before; and he’s never sold a house before. Trying to figure out how to get started, do I just write him a check and he gives me the deed? Complete noob when it comes to this I’ve rented my whole life, TN if it matters
How to go about buying the house from my Lanlord?
byu/partyhat-red inRealEstate
Posted by partyhat-red
6 Comments
We did this in 2020 with our former condo. The owner immediately took 6% off asking price, plus two months of rent payments (carry costs from the time we moved until the estimated time she would sell). We also had lived there three years so she knocked another $1500 since she didn’t have to paint to get ready to sell plus took our security deposit off the price. In all we got it at about $40K under comps. We hired the real estate attorney and the whole process was very simple.
Get a real estate lawyer. Agree on a price with the landlord and let them take the lead.
Most landlords would be thrilled to at least have you sincerely interested. If you are able to work out a price then get a real estate lawyer to draw everything up. Should not be terribly expensive, much cheaper than a full on real estate agent.
Call him up and see if he’s open to selling. If he is, I will propose that you spend the $400 and get an appraisal done and then offer him appraised value. You’ll probably get a better deal this way and both parties will be happy with a fair price.
An appraisal with comps to determine value “might” be helpful. As would a professional inspection,r roof, plumbing, structure ,HVAC etc.
Get title insurance. It’s not so much that you might actually need it, but the research they put in to be sure there are no liens in the property.
Real Estate Attorneys don’t charge much for a simple closing.
You’ve lived there for 7 years. You have a pretty good feel on the condition of the house. Get’r done!