selling rental for appraisal - 3%.
Hello,
I am selling my rental to the son of my renters. We have discussed it generally and I will meet with them today. I will make sure he has a loan approval letter an we will discuss price. We've agreed to not use realtors to avoid fees and I would like sell for appraisal price minus 3%. How do I do this? I have a CMA which shows the price near 230k, but the comparables were from last fall and the market is increasing. Is there some way to structure the deal to describe a price of (appraisal price - 3%) or am I going about this wrong? Advice appreciated.
Brian