My husband and I have a house that is currently being rented with the help of a real estate lady. My uncle wants to buy the house, but, can we sell it now? Will the real estate lady take 6%? Can we break the renters' contract and maybe give them some money to help them move out?We are not sure what is the best decision... Please help!!
2006-08-11 02:03:11 · 4 answers · asked by sweetgirl02 1 in Business & Finance ➔ Renting & Real Estate
Does your contract allow you to terminate? You should speak with your agent and explain the situation that FAMILY wants to change the deed and sell to FAMILY.
Renters contract if you wrote it you should know the selling clause if you included one. Speak with the tenants and explain.
2006-08-11 02:10:37 · answer #1 · answered by communityinflorida 3 · 0⤊ 0⤋
Do you have a firm contract with the Realtor? If not, you would not be liable to pay the 6% commission. However, you would certainly feel obligated to give the Real Estate lady something for her time. Talk to the people who are renting the house, and strike a deal with them. Will your uncle be interested in buying the house, on contigency of your renter end of lease? If so, you can sell the house and not be concerned about your renter.
2006-08-11 09:42:27 · answer #2 · answered by skyeblue 5 · 1⤊ 0⤋
In most states how this will work is you sell the house and the contract keeps going. When it is up your uncle does not have to renew their contract, but the renters are entitled to the remaining months or however long you've agreed. As far as the real estate lady...if you know who you are selling your house to (your uncle) you can do it by owner. You only have to pay a commission if you LIST your house with a Real Estate Agent.
2006-08-11 09:42:26 · answer #3 · answered by ... 4 · 2⤊ 0⤋
Did you sign a listing agreement with the real estate lady? Or did you just use her as a broker to rent the house? Look at your paperwork.
Most tenants will move if offered the right amount of cash. The laws in your state will tell you what you can and cannot do as far as evicting the tenant because you want to sell. In most places you will have to honor their lease, which is why buying someone out can be a good idea.
What our office does is hold the amount in escrow, and we have the tenant bring us their new lease or landlord information and we disburse the security deposit and first months rent directly to the new landlord. We will also release funds to pay for the mover with a written estimate. After the tenant is out, we give them the rest of the money to do whatever thay want with it.
Would your uncle want the house with the tenant?
2006-08-11 09:44:19 · answer #4 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋