If you are a landlord that wants to sell your rental property, but you still have tenants, you might be wondering how this process works and whether or not you should go the traditional vs. investor route. A lot goes into selling a property, especially if a lease is involved, so use this guide to navigate the process.
Disadvantages Of Selling A House With Tenants
Depending on what situation you are in, like lease length and condition of the property, selling with a tenant can work; however, there are some disadvantages.
Showings might be more difficult if you currently have tenants living on the property. In addition, having frequent visits from potential buyers and maintaining a clean environment on the fly can be a challenge.
You also need to ensure that the tenant is well informed of the process, as selling the home can be stressful for them as well.
You must honor your lease, so if the tenants have recently signed, it can be a challenge to find a buyer that is comfortable with having renters.
You might need to try and negotiate an early move out if your tenants are willing.
Tenants can be rough on a property, so you have to consider any damages or potential repairs that tenants have created.
Buyers may fear having a “bad” tenant and be wary about buying the property.
“Martin and Maria at the Trusted Home Buyer did a great job for me. I had to sell two rental houses with a short turnaround time. I had never sold property in this way and was a little apprehensive.
Martin was honest, straight forward and highly professional throughout the process. I worked with a few other buyers at the same time, but felt like I was being gamed.
At no time did I have this feeling with the folks at The Trusted Home buyer. I can say that they helped me out when I was in a tight spot and I would recommend them to anyone who needs to sell a property with a short turnaround.”
Advantages To Selling With Tenants
Selling a house with tenants can be a huge selling point for real estate investors who have experience as landlords. Typically they will buy the property as-is and take over the lease so you can sell fast, without having to worry about showings and the difficulty of marketing your property with tenants.
Should I Sell My Property If I Have Tenants?
Yes, if you need to sell your property, the easiest way is to sell to an investor. They will buy your as-is and also handle the tenant situation as well. While you can try the traditional method of selling, selling to a real estate investor helps you avoid all of the above disadvantages and makes the process easier.
Can I Sell My Out Of State Rental Property?
Yes, you can sell an out-of-state property, and working with an investor can make the process easier. However, you have to operate the transaction through the laws of that state, so having someone who understands local tenant laws will help make the transaction easier and avoid any costly legal mistakes.
Why Should I Sell To The Trusted Home Buyer?
The Trusted Home Buyer has been buying and working with rental properties for over ten years. We have the knowledge, expertise, and ability to help you navigate selling a rental property with tenants.
We will buy your house as-is, work with your tenants for a win/win solution, and give you a fair cash offer. In other words, we handle the hard stuff, so you don't have to.
“We met with Martin yesterday to talk about selling our home, and what the best direction would be. He was a wealth of knowledge.
He was straightforward and forthright with his information and advice. Thank you Martin, we appreciate you guiding us with a plan of action!”
What Are My Next Steps?
If you want to sell your rental property, you can schedule an appointment and get the process rolling. Typically we will view the property, meet with you to discuss our offer, and handle the paperwork.
We let you choose the closing date and will keep you informed of the process every step of the way.
Since selling with tenants can have extra steps, we work closely with you and your tenants to ensure the process is smooth and stress-free for everyone involved.
“The Trusted Home Buyer is the best option for a quick, hassle-free transaction. I originally inquired with nearly a dozen different companies in the valley (the well-known entities and more private ones as well) that provide similar services.
However, it was clear from the beginning with the other companies that the professionalism would simply not compare to Martin and his team at Trusted Home Buyer.
There is no need to waste time with anyone else; give Trusted Home Buyer a chance to take care of you as they did with my situation, and it’s impossible to be disappointed.
Thank you to all the true class acts at Trusted Home Buyer. I’m sincerely impressed and satisfied.”
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