My tennants want to buy my rental home

3 Replies

Both me and my tennants are interested in a deal to sell my house to them. How would the process look of selling my house to my tennnat? 

Also, they want to not only buy my house buy they want to make an addition to the house and want me to help them find financing for this. Is there a home loan they can get that can roll in the construction costs? 

If there’s anyone in the Lake County IL area that can help us please send me a message thank you. 

Originally posted by @Angel Moreno :

Both me and my tennants are interested in a deal to sell my house to them. How would the process look of selling my house to my tennnat? 

Also, they want to not only buy my house buy they want to make an addition to the house and want me to help them find financing for this. Is there a home loan they can get that can roll in the construction costs? 

If there’s anyone in the Lake County IL area that can help us please send me a message thank you. 

 Very bad idea. If they don't qualify for financing why would you take the risk of financing the house and an addition for them? Too many things can go wrong.

We've sold a property to tenants before and did seller financing. They had paid rent on time for well over a year so we were confident they would be able to pay the mortgage. So far it has worked out great. They've paid faithfully for over a year on the 20 year mortgage so far.

@Angel Moreno have them get pre approved for a fha 203k loan. Then have your attorney or total agency draw up a sales contract. Get a 1k deposit with the signed contract to ensure they are serious and this will cover you for expences in case they can't close. In the meantime rent is still due on the first until closing.