Selling a home with sitting tenants may sound like a scary and time-consuming proposition. However, there are several roads you can take to make the process as quick and painless as possible. After all, it’s your property, and if you’re ready to sell, we have some solutions. Continue reading as our experts here at Highest Cash Offer explain how to sell a house with tenants!
Reasons to Sell A House with Tenants
There are several 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. Others may be looking to cut bait if it has become a house with negative equity.
There are those who may be looking to retire or enter a new line of work and would like to get out of the landlord business. 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 profession.
Can I Sell A House with Tenants?
So, is it possible to sell a house with tenants? Absolutely. In fact, many 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.
Additionally, 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. Since they have already been vetted by you, the next owner and landlord knows their history in the home. The new landlord also won’t have to go searching for their references or deposits as you should already have them on file.
The new landlord will also be able to avoid set-up costs, other potential financial losses and real estate agents with renters already in the property.
Types of Rental Agreements
A big factor in selling the home is the type of lease the renter has and if you want them to vacate the property once it is 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 30-60 days’ notice.
If the renter has a fixed-term lease, 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 it has expired.
Meanwhile, many leases have early termination clauses. Depending on the language in the lease, the early termination clause can be triggered in several ways. However, you will be required to give the renter 30, 60 or 90-days’ notice.
Dealing with Tenants Who Won’t Leave
Many sellers find themselves in a situation where they have a buyer or investor lined up, but they don’t want to become a landlord of the property. If the potential sale is being held up because your tenant doesn’t want to leave, you have some options:
- Pay Your Tenant to Leave
If your tenant doesn’t want to leave, you can pay them to do so. A simple way to determine how much you should pay is to take their monthly rent and multiply it by the number of months that are left on the lease. While this is a viable option, it can also be an expensive one.
- Offer the Tenant the Property
If you’ve got a super stubborn tenant on your hands, you can always offer them the chance to buy the property. After all, they know the home as well as anyone and would likely be thrilled about not having to move anything. Selling to your tenant could also speed up the sale exponentially.
- Find A Patient Buyer or Investor
If you’ve offered the tenant the above options and they still won’t budge, you can try target a buyer or investor who is willing to wait until the lease has expired. Some investors may be willing to work out a deal that will kick in once the tenants have exhausted their lease. Potential home buyers, such as those relocating for work, may not need to do so until the lease the current tenant is under has run out.
Sell A House with Tenants with Highest Cash Offer!
If you need to sell a house with tenants FAST, Highest Cash Offer can help! Our professionals can make you a CASH OFFER on your home with tenants, and we can complete a sale in as little as ONE WEEK!
And what’s more, you won’t have to make any listings, repairs, or hire any real estate agents.
To get your FREE, NO OBLIGATION offer on your house with tenants, simply give us a call any time at (888) 387-5750 or click the offer button below!
Highest Cash Offer is a real estate solutions company. Our team of experts specialize in assisting homeowners with a wide variety of solutions to any real estate problem. Whether we buy your house for cash or not, our goal is to help you get the desired outcome you deserve.
