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Selling home to a friend with no realtors

I’m getting ready to sell my house and got as far as meeting with a realtor who came and discussed home improvements needed and ran the comps. With renovations, the house would go on the market for $430k-$450k.

Renovations: -New upper deck and stairs (stairs broke a few weeks ago) ~$5k -removal of pool and pool deck (alternative was to repair or replace pool deck but it’s in bad shape and the pool is 15yrs old) cost of a dumpster and a weekend of back breaking work. -paint entire home interior DIY or ~$8k+ -significant landscaping because the whole yard is gardens and I’ve really fallen behind -possible roof replacement including solar reinstall, but we were waiting to see if a buyer would flag this as a contingency ~$20k -replace water damaged utility room ceiling ~$3k

A friend who has been in the market for something in this town has offered $350k. This is definitely as high as he can go. $350 is unheard of low for a 3 bedroom here. He is in the trades and has worked on my house. He knows exactly the condition of this house and has put the offer in as “as-is”.

I think it’s a great deal all around because he gets into this market and I have to do none of the stuff that has been stressing me out over the sale.

In addition to time and money saved on renovations, we would recoup not having to pay $25k in realtor fees and probably 3-6mo mortgage/house expenses while we prepped and sold.

There’s a good chance I could be losing a not insignificant amount in the deal, but I’m a single mom working full time and time and stress really has its own cost.

$350k will generously cover the existing mortgage and will still generate a profit. I bought in 2021 at $320k. Mortgage is currently $240k.

Questions for the Reddit community: 1. Opinions on if it seems like a reasonable deal 2. I did not sign anything with the realtor, so do I just basically follow for sale by owner process? I think in this case with a buyer on hand I just need a lawyer? 3. I am actually moving 2 doors down to move in with my new fiancé (we met in the neighborhood!). Next year we will sell his house to move to a home that suits our new family better. Will the low sale of this house affect the listing price of the other house because it might be used as a comp? 3b. If the low sale will affect selling the other house, is there a tricky way of making the sale of this house look inflated publicly but still cost the buyer the $350k?

submitted by /u/Able-Candle723
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source https://www.reddit.com/r/RealEstate/comments/1n4soz7/selling_home_to_a_friend_with_no_realtors/
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