Your Guide To Selling a House With Tenants
Selling a home tends to be straightforward when it’s vacant or if the owner lives there; however, selling a house with tenants isn’t unheard of. At Chattanooga Property Solutions, we buy houses Chattanooga locals need to sell quickly or for any reason, including an occupied property with tenants. Learn how you can approach the sale of a rental property in this helpful guide.
Selling a Rental Home Doesn’t Involve Just You
If you’re a landlord interested in selling with tenants still living in the house, you have to understand the basic tenant rights your renters have. Their lease agreement can establish how long the tenant can legally reside in the property even if the owner decides to sell. In addition, landlords must give a reasonable notice period when they decide to sell, as well as notify the tenants about potential property showings.
Five Tips for Selling an Occupied Rental Property
Selling a house with tenants can be a bit more complex than selling a vacant property. Thankfully, owners can navigate this process in a few different ways.
1. Notify the Tenant Early
In a traditional sale, you’ll need full tenant cooperation so they can accommodate property showings and facilitate the sale. They may be more cooperative if you don’t ambush them with your plans. Give them advanced notice of your intention to sell.
2. Give the Tenant the Option of Buying
Do you have a reliable tenant who wants to buy a home for themselves? Consider tenant buyout as an option. This not only ensures the renter can stay in the property but eliminates the need to find a new buyer.
3. Wait Until the Lease Expires
Review your tenant’s lease agreement to see when it expires. If the lease ends relatively soon, you might consider waiting until it expires. You don’t have to renew the lease with your tenant and can sell the house with it vacant.
4. Contact a Real Estate Investor
Some landlords are reluctant to sell their rental properties with the tenants still living there. Traditional buyers who intend to live in the house might not want to purchase a property with existing tenants. However, real estate investors like Chattanooga Property Solutions don’t shy away from these purchases and can even coordinate with your tenants if they need to stay in the house following the closing.
5. Maintain Good Communication With the Tenant
No matter which approach you take to sell the house, it’s crucial to communicate with your tenant throughout the process. Inform them of any property showings you schedule as well as the expected closing date.
Get a Cash Offer for Your Home From Chattanooga Property Solutions
Selling a house with tenants is possible as long as you follow the right protocols and respect your tenant’s rights throughout the process. If you’re interested in selling a rental property quickly, contact the investor buyers at Chattanooga Property Solutions. We buy homes for cash and close the sale in a matter of days.
Connect with us online or call (423) 454-3070 to get a cash offer on your rental property. Learn more today.