Can I Sell My House with Tenants in It
Can I sell my house with tenants in it? Of course, you can. When you decide it’s time to sell your rental property, there are two main courses of action you can take as a landlord: Wait for the lease to expire before selling, or sell while your tenants are still living in the home.
Many of us have been in the tenant situation. We found a beautiful rental and enjoy living on the property, then out of the blue, the landlord says she is thinking of selling. She wants you to prepare to leave when the lease expires, or she wants you to prepare for realtors and their clients coming through.
Option #1: Can I Sell My House with Tenants in It
There are benefits and drawbacks to both ways of selling with tenants.
- If a potential buyer is looking for rental income, having a paying tenant in place is a benefit.
- The tenant may present the property well to a potential buyer. It’s built in staging.
- The downside: the tenant may badmouth the property or trash the rental in anger.
- In order to persuade your tenants to cooperate with your listing plans, consider offering them lower rent for a few months in exchange for an agreement to show a clean and well-kept home. Other incentives include offering a flexible move-out date or reimbursing moving costs.
- You may talk with the tenants and give them the first right to buy.
Zillow Offers This Advice
Whichever path you choose, the first step you should always take is reviewing the lease agreement you have with your tenant. You should also look up laws in your state regarding how much notice to vacate you are required to give. Your real estate agent can be a great resource for local legal requirements, as well as offer tips for a successful sale with tenants in the home. The actions you can take — and when — mostly depend on what type of lease agreement you have with your tenants.
Option #2: Wait Until the Lease Expires
If you wait until the lease expires, you can take the time to make any improvements needed and make the rental look it’s best.
With the house empty uou can avoid timing issues. In a hot real estate market, the home could sell quicker than you expect, and depending on the terms of the lease and regulations in your state, you may have trouble getting your tenants out in time. If the home is unoccupied when you list it, you can accept the best offer without having to worry about timing.
The only drawback we see, if you relied on the rental income to pay the mortgage.
Can I Sell My House with Tenants in It? Yes, but take some time to evaluate your options.
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As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.