Have you been thinking about selling your tenant occupied property? Luckily, you have many options at your disposal. If you’re ready to put the landlord blues behind you, you can sell your tenant occupied property to an interested party. However, it’s important for you to understand that selling your tenant occupied property can pose a challenge if you fail to recognize your options.
Selling your
property to a professional real estate investor may be your best bet if you are
looking for quick cash. Professional real estate investors have a solid
reputation for closing fast. This is what you need if you are looking for a
quick way out of the landlord rat race.
We will now
cover several tips for selling tenant occupied property. You will increase your
chances of finding a credible buyer if you take heed to them. You must know about the laws of property.
Recognize Your Tenants Rights
You may own
the property, but your paying tenants have rights. Ignoring your paying
tenant’s rights defies conventional wisdom. Your tenants have every right to
continue living in the rental property if they are paying their rent and
abiding by the details written in the lease.
Some tenants
will pay their rent on time and keep the property clean. Their effort will help
improve your chances of landing a buyer. A prospective buyer will not be
interested in buying tenant occupied property that is not well-kept. You cannot
force a tenant out if they are paying their rent and abiding by the terms
specified in the lease.
Please keep
in mind that selling tenant occupied real estate property can go smoothly if
you stay professional and stick with landlord tenant laws.
Tenant Occupied Property – Be
Familiar with the Terms of Your Lease
Your lease
will determine the best way for selling your rental property. Please take the
following points into consideration when you are ready to put your property on
the market. Please keep in mind that you should always consider selling your
property to a professional home buying company. Contrary to popular belief,
they are interested in buying multi-family properties at a reasonable price.
This is probably a better option if you
thought about dealing with a real estate agent.
thought about dealing with a real estate agent.
Month by Month: The month by month lease is the
easiest to work with when you ready to sell your tenant occupied property. In
all states, you are required to give your tenant a notice that you will be
terminating the lease and requesting that they leave the property. Give the
tenant a letter of explanation that details your move-out requests.
You should
also add a statement explaining that you have plans of showing the property to
prospective buyers while tenants are still living in the property. You will
have to wait until the tenants leave if they deny your request to show the
property. This may seem like a monkey wrench is being thrown into your plans,
but it’s the law!
Fixed Term Lease: Do you have a fixed term lease with
your tenants? If you do, you are not in position to ask your tenants to leave
until the lease is complete. If you do, you may be violating of the law. Your
tenants may be able to sue you for unlawful conviction.
Let’s say
your lease has an early termination clause. In this case, you may exercise this
option based on the terms in your lease. You have limited options if your
tenants are in good standing. You will have to wait until the lease is complete
before you put the property on the market.
Creative ways of Selling Tenant
Occupied Property
Pay Your Tenant to Leave Your Rental
Property –You can
pay your tenants to leave your property if they are locked into a fixed term
lease, and you want a fast sale.
Sell Your Property to Your Tenant – This is a wonderful option for
tenants that are not interested in leaving their property. Offer to sell your
property to them if they can get funding for the deal.
If the
options above do not work, you can always sell to a professional real estate
investing company. They will be more than happy to buy your multi-family
property at a reasonable price.