i'm in an unusual situation where i have been renting a home for the past year and it was on the market for sale for more than a year before we moved in. the homeowner wants to sell me the house. (yay!) in this case, its a husband and wife, the wife is a realtor by trade, and the husband is a financial advisor (CFO actually) and has said he would act as the mortgage broker. (due to ethics, the wife will not be officially involved in the transaction in a realtor function) it should be said that we trust them completely and they are as eager (desperate) to sell as we are to buy. our credit is below average, but our income level meets the 30% rule. a mortgage payment would certainly be less than the current rent, so they are aware that we would be capable of meeting the payments. does this situation have the probability of a good outcome? is hiring an agent neccessary? having lived here for a year, we are willing to take the home as is, pending a reasonable inspection. the asking price seems a little high compared to homes in the area, with home sales here being stagnant. any advice?
