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Selling a House With a Tenant Living There: What Are Your Options?
What Are Your Options? Selling with a Tenant
Selling a house with a tenant can be an obstacle to overcome, but it can be done. Whether you need some quick cash or you're just tired of landlord duties, you may be considering selling your rental house. The first question that many landlords wonder is if they can sell the home with tenants in it. In reality, you have three options that you can choose from, depending on your specific situation.
Waiting Until The Lease Expires
When considering selling a house with a tenant living in it, your first option is to simply wait to sell your home until their lease expires. This can be easy to do if your current tenant is on a month-to-month lease or their lease is set to expire in a few months.
Waiting to sell a home until the tenant moves out has many benefits. First, you don't have to schedule showings around their schedule. Second, you don't have to worry about what condition the property will be in during your showings. Since no one will be living in the property, you can have it thoroughly cleaned and looking at its best for every showing.
Finally, the last benefit to this option that we're going to touch on is the pool of potential buyers. If you're selling a property with tenants, then it's doubtful that people other than real estate investors will look at your home. When your tenants are no longer living there, a whole new buyer's market opens up, including families who are looking for a place to live.
Sell With The Tenant Still Living There
If your tenant's lease still has a while to go, you may consider just selling a property with tenants. This is fully possible to do as selling a house with a tenant is completely legal.
However, you'll need to ensure that you add the conditions of the previous lease agreement to the property's purchase agreement. The new property owner needs to legally honor the conditions that were outlined in your lease agreement.
There's no doubt that it can be more difficult to schedule showings and ensuring that the property stays in tip-top shape for them. However, selling a house with a tenant has many benefits.
The most obvious is that you don't have to wait until the tenant exits to sell the property. The second is that many real estate investors will look at the potential of immediate cash flow and prefer to purchase a property with existing tenants.
Strike An Arrangement With Your Tenant
Now that you have your answer to the question "Can I sell my rental property with tenants in it?" your brain may already be trying to work out special scenarios to make this process better for you. You may find that you can strike an amicable deal with your existing tenants where they vacate the property before the end of their lease date.
Many landlords accomplish this by simply offering to give the tenants a lump sum of money. Some may ask tenants they have a good relationship with to move and offer to pay their moving costs or assist them in finding a similar rental unit. You may just be surprised to find out that your tenant is more than willing to work with you to vacate the property so you can sell it; some may even want to buy it from you!
Sell Your House in a Flash
If you're looking to get rid of your home quickly, then give Flash Realty Solutions a call. We can provide you with a free cash offer on your home. Moreover, we can help you find the right solution for your situation, tenant, and all. As professional Houston home buyers and licensed real estate agents, Flash is your one-stop-shop for realty solutions!