WHAT TO KNOW WHEN SELLING A HOUSE WITH TENANTS
Introduction
Selling your home or property isn’t an easy task to begin with. Sometimes, the process becomes even more complicated when the property is still housing a current tenant. If you’re looking to sell your home that is currently occupied by a tenant, keep reading for some more information about the process.
What is a tenant-occupied property?
In short, a tenant-occupied property is exactly what it sounds like: renters currently living in a property or home that you own. As a landlord, you’re responsible for collecting rent, maintaining repairs, and a myriad of other tasks. You might be a little burnt-out on fulfilling these responsibilities and decide to sell the property (read more about selling as a landlord here.)
But what happens when you’re ready to sell but your renters are still living in your house?
Selling with tenants
Selling your property with tenants is possible, but it’s important to educate yourself on the nuances of the process before moving forward.
Review the lease terms
When it comes to flexibility, month-to-month rent lease agreements tend to be the best-case scenario, especially when you’re looking to sell your property. Depending on state law, communication requirements and termination notices may vary. Some states only require a 30-60 day notice of lease termination, while others may not require any notice at all.
However, if your tenant is currently renting under fixed-term lease, the process may be a bit more involved. Your current tenant can remain in the house until their existing lease expires (unless your LEASE agreement has an early termination clause).
Remain on good terms with your tenant
The last thing the home-sale process needs is an uncooperative tenant. A strained relationship between you and your renter can cause a number of issues and hinder your progress in selling. A difficult renter may neglect to keep the house in decent condition for showings, refuse to leave during viewings, or do other disruptive actions. The better your relationship with your tenant, the smoother the process will carry on.
Want to bypass the tough stuff?
If you choose to sell your rental property with real estate agent, just remember that agents tend to be reluctant to take on properties that have current tenants. In addition to that, you’ll be paying agent fees, legal expenses, and have to negotiate open houses, repairs, etc.
If you’re looking for an easier solution, look no further than Midwest Cash Offer. We buy houses in almost any condition, no maintenance or repairs needed. No agent fees, no open houses, no inspections; just fast, fair, and simple home sales. Get a guaranteed cash offer for your home and have your house sold in a matter of days
If you’re ready to get a cash offer for your home, fill out our Cash Offer Form for a free estimate from our team of experts. Freedom is closer than you think.
