Selling Home Fairly Guide

Summary

A fair price for selling your home depends on market value, equity, and any special arrangements like favorable rent terms. Consider getting a new appraisal or comparing similar sales to determine the current market value. Consult a real estate attorney to draft a clear agreement, especially regarding long-term rental terms and sale price.

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I'm thinking of selling my home (* Christmas Run Blvd. Wooster, OH *)to my daughter's landlord, because I can no longer afford to live here with the property taxes and the insurance on top of the mortgage payment. He wants to help me be able to stay in my home, pay a low affordable rent, and still have money left over every month to live on, and I can live in my home for as long as I want. The balance on the house is $*,*. Originally the landlord wanted to assume the loan but we were told it was not assumable and he would have to get his own loan. A year and a half ago I had my home appraised for $*,*. What would be a fair price to put on the home for both parties involved?
A fair price depends on both parties' agreement and current market conditions. Here are some points to consider:
- Recent Market Value: If the home appraised for $*,* a year and a half ago, check if the market has changed. You may want to get a new appraisal or compare similar nearby sales.
- Equity Consideration: Subtract the $*,* mortgage balance from the agreed sale price. The difference is your equity.
- Discount for Special Arrangement: Since this is an off-market sale with favorable rent terms for you, you might agree to a slightly lower price than market value.
- Legal and Tax Implications: Consult a real estate attorney to draft a clear agreement, especially about your long-term rental terms and sale price.
Would you like to know how to find a real estate attorney nearby?