How To Sell Your House With Tenants
Selling a home with sitting tenants can sound absolutely impossible and wrong. However, there are several roads you can take to make the process as fast and as painless as possible. After all, it’s your property, and if you’re ready to sell then we have some ways that you still can.
Reasons Why You May Want to Sell A House with Tenants
There are many reasons why you may want to sell a house with tenants. Some may want to cash out while the property has as much equity as possible, or some may just be ready to sell their home. It all depends on why, but it is definitely not impossible.
There are those who may be looking to retire or others may have inherited the property and have no interest in becoming a landlord altogether.
Another popular reason for selling a home with tenants is relocation for another property or job.
Can I Sell A House with Tenants?
On the contrary to what you think, landlords opt to sell their property while tenants still reside in the home. Nearly all tenants should or do know this beforehand and reserve the right to continue living in the house or property even after it is sold.
Plus, there are many benefits for new landlords to buying a house that has sitting tenants that want to stay in the home and a buyer who wants to keep them there. The new landlord also won’t have to go searching for their references or deposits as you should already have them on file.
Types of Rental Agreements
One of the biggest factors in selling the home is the type of lease that the renter may have and if you want them to vacate the property once it’s sold. A month-to-month lease is the most ideal situation. If the renter is on a month-to-month lease, the owner typically only needs to give renter anywhere from 30 to 60 days of a notice to find somewhere else to live.
If the renter currently has a fixed-term lease or something to that effect, then the process of selling the home could take much longer. As long as the renter is abiding by the terms of the lease, they can remain in the home until the deal expires.
Meanwhile, many leases have early termination clauses. Depending on what the lease says and the contract agreed upon, the early termination clause can be triggered in a few ways. However, you will be required to give the renter 30, 60 or 90 days of a notice.