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Selling FSBO, buyers are the tenants, they hired a lawyer and the process has stagnated. A few questions…

Last year we decided to rent out our home (rather than sell it, when we bought a new house). The tenants have decided they want to buy it, and we agreed on a price. They showed us their mortgage pre-approval letter, and we were all excited to get the house sold.

As sellers, we contacted the title agency (we are in Michigan) and got the purchase agreement and all the paperwork and information we needed. We provided it to the buyers for their signature, and when they didn’t return it, we learned they are waiting on a contract from their lawyer.

It’s been two weeks; does it normally take this long for a real estate lawyer to write up a contract? Is this essentially the same thing as a purchase agreement?

What can we as sellers do to keep the process moving?

Does the mortgage lender need the purchase agreement/contract to keep that part of the process moving, or do they potentially have that going already, does anyone know?

We are just feeling like we lost control of the process, since we don’t have any signed documents or a closing date, and it’s been a month since they gave us their pre approval letter and we agreed on a price.

submitted by /u/cormunicat
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oui99z/selling_fsbo_buyers_are_the_tenants_they_hired_a/
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