There can be stress when it comes to selling a property that has renters already living there. The mere thought of having a conversation with a tenant about the possibility of a sale can bring about anxiety for both parties. Here we will discuss how to sell your property with renters.
As the landlord, the last thing you want is your tenant feeling as if you’ve given up on being their landlord. This could send a signal that there such a bad tenant you’re tapping out, especially if they’ve been behind on rent or haven’t taken the best care of your property. Not to mention, the tenant can become uncooperative at some point in the selling process, fearing they will get booted after closing.
On the other hand as a tenant, naturally they want to be in the know about what’s going on. Before a sale happens there will be prospective buyers in and out of the property during the necessary showing process.
Whether you go the traditional route by listing your property with a realtor or decide to hit the easy button and sell your property to us at My Quick Home Buyers it’s important to know your rights in order to navigate this process smoothly. Here are a few things to consider:
To notify or not to notify:
Here’s the fact, unless specified otherwise in the lease; you are not obligated to notify you tenant of your decision to sell your property…Period! There is a misconception floating around that you do, but were here to tell you that you don’t. Why? Well here’s the thing, all leases are transferrable from one landlord to another without notice to the tenant. With that said, morally speaking you may still want to notify them as this could effect future living situation if they have no lease or their lease is expired. The next landlord may not want to keep them as a tenant. Whichever you decide, this is purely your call.
During listing your property, prospective buyers will show interest in buying but will need to see it with there own eyes before signing on the dotted line, wouldn’t you. Prepare your tenant for several showings during this 6-12 month listing agreement. Make sure you ask the tenant ahead of time what days and hours are most convenient for them to be home to let you or your realtor in. If you choose to sell to My Quick Home Buyers you will eliminate this step completely. Since we are investors, we would typically view the property fewer than 5 times our 30 day closing.
If your tenant has a lease until…say June 29th, and its now January, its important to notify any prospective buyers of this before showing and again in writing on the contract. The reason for this is as I mentioned, all leases are transferrable from one landlord to another, so if we buy your property in January the new owner is obligated to keep the tenant until June assuming the tenant continues to pay that is.
We buy houses, Multi Family properties, condos and vacant land in Miami, Broward and Palm Beach Counties. In conclusion, we can buy your property with or without tenants, whether they are current with their rent or not. If you have a property for sale please contact us for a no obligation cash offer <Here>.