Updated over 7 years ago on . Most recent reply
Neighbor's offer to buy my rental
I own a rental property in Chicago that currently has a lease and the monthly rent covers the mortgage and HOA assessments exactly. The unit is not listed for sale and I owe more on the property than the market value. A neighbor recently sent me an offer to buy my unit that is about 10-12K over the market value. I am thinking about selling it by owner to reduce expenses. Property values are rising, slowly in the area but I'm considering the offer in order to reduce debt and maybe purchase elsewhere. Thoughts?
