Do you have an investment property that you’re looking to sell? It’s a bit more complicated to sell your house with tenants in it. Learn more about the selling process when other people are living in your house here.
There will come a day when you’d want to sell your house when you are a landlord. Remember, you may sell when you wish to even if you still have tenants in your property. You should be able to tell the renters that you are doing so without any issue, in some cases. But, you won’t want to be stuck with a vacant house while your house is on the market. You have to be aware of the rights of the tenants and make sure that you are not violating them. Here are some common issues that may arise when you’re looking to sell your house with tenants in it.
The Lease Situation
What does your lease situation look like? Ending a month-to-month lease should not be difficult. You will have to give your tenants a fair enough time of notice. This is typically 30 – 60 days. Things would a bit different if you are on a fixed-term lease. If you want to sell in the middle of the lease, you have two options. First is to give your tenants hefty incentives to move out. The second would be to sell to an investor who is willing to honor the lease. There are some leases that have early-termination clauses. Always remember, tenants have rights under the fair housing act. You could be penalized if you violate these rights.
If You Have Difficult Tenants
Do you have a tenant who violated their lease? You could easily evict them without any issues. However, if they refuse to leave, this could be a long and tedious process. A huge number of landlords try to avoid eviction as much as possible. You should be able to avoid the eviction process by selling your house directly. You should be able to move on easily with cash in hand. Many real estate investors would simply take over the lease and just continue the business as usual. If the tenants violated the lease, they should be able to handle the eviction process instead of you. You can also avoid having to list, showings, market when you sell to a direct buyer. These situations would likely cause tension between you and your tenants based on our experience.
Selling Directly
There are a number of reasons why it is beneficial to sell your house with tenants with a direct buyer. Investors are more than happy to take over a house that has a tenant in it already. It should save them money, energy and time because they won’t have to advertise, market, and show the house to prospective renters. They don’t have to go through screening tenants or even running strict background checks because those things should have been done by you. If the tenants are in violation, experienced investors shouldn’t have a hard time pursuing the eviction process. Most likely, they have done it before so they won’t be bothered by the process.
If you want to sell a house with tenants in , there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.