Information About Selling a Property with a Tenant Living In It Pyramis Company

Selling a Property with a Tenant Living In It

 

Do you currently have a home that you’re looking to sell? Are you now renting to a tenant and you’re not sure how to break the news to them that you are looking to sell your home? When deciding to sell your home after having a renter relationship, one of the first things that you can consider doing is selling to your current tenant.

Sometimes we aren’t blessed with the best of tenants. Maybe the current tenant you have, you don’t want to sell to. Perhaps you would be willing to sell to that tenant, but they aren’t looking to buy. There are a lot of reasons that may have led to you wanting to sell your home. If you don’t want to sell to your current tenant or your current tenant doesn’t want to buy your home, we will discuss several options that you have for selling your home with your tenant still residing in it.

 

Can I Sell My Rental Property with Tenants in It?

A lot of people wonder if they can sell their home, while they are renting to a current tenant. You can entirely sell your home if you are currently renting to someone else. The first thing that we always suggest that you do is to talk to your tenant, see if they will help you fix the place up and show it off to possible buyers.

 

If your current tenant isn’t willing to help you fix the place up to show it off, then you may want to wait until the tenant moves out to sell your home. This is where giving your tenant proper notice in advance about your intent to sell the house can help with garnishing your tenant’s cooperation.

 

How Much Notice Should I Give My Tenant?

So you decided to sell, and you know that you’re going to tell your tenant, but how much notice should you provide your tenant? In my experience the sooner you tell your tenant, the better. Let him, or her know how important making the sale of your home is to you. One of the best ways to gain your tenants cooperation in fixing the house up to help you make your sale is to offer to pay for your tenants moving costs.

 

If you approach your tenant with enough time in advance and let them know that you genuinely care about helping them transition into their new home as much as you care about selling your home, your resident will be more likely to help you with the sale.

 

What If I Have a Difficult Tennant?

Unfortunately, we don’t always have the best tenants. This may be the reason why you’re looking to sell your home, and not sell to your current tenant. If you have a problematic tenant, I still recommend that you try to offer to pay for their moving costs to garnish their agreement and help with making the sale.

 

If your tenant does not agree to help you with the sale, you will have to wait to show your home until after your tenant moves out.

 

Closing Thoughts

Choosing to sell your home is a big decision. Hopefully, your tenant will help you sell your home. Regardless of if you must wait until after your tenant moves out, or your tenant helps you sell your home, transitioning from renting to selling your home is an exciting experience.

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Categories: Property Management, Real Estate

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