Selling Rented Home

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Selling Rented Home (by Steve H [MD]) Dec 9, 2009 1:30 PM

Selling Rented Home (by Carolyn [MO]) Dec 9, 2009 2:54 PM

Selling Rented Home (by Lynda [TX]) Dec 9, 2009 3:36 PM

Selling Rented Home (by Steve H [MD]) Dec 9, 2009 3:48 PM

Selling Rented Home (by billy [MA]) Dec 10, 2009 7:24 AM

Selling Rented Home (by Steve H [MD]) Posted on: Dec 9, 2009 1:30 PM
Message:

State Specific Question About: MARYLAND (MD)

I am currently renting out my house in Maryland under a 2-yr lease. My wife and I are planning on moving to the Midwest and would like to sell the rented house beforehand...is it possible to end the lease prematurely and give the renter a chance to buy the home? I looked over the standard lease that Montgomery County provides and I can't find language on this. Thanks! --66.95.xxx.xx

Selling Rented Home (by Carolyn [MO]) Posted on: Dec 9, 2009 2:54 PM
Message:

The new owner would be bound by the lease. Of course, if the present renter bought it, that wouldn't be a problem. --64.12.xxx.xx

Selling Rented Home (by Lynda [TX]) Posted on: Dec 9, 2009 3:36 PM
Message:

Of course give yout present tenants a chance to purchase the property, but realise they may not be able to get a loan. If you sell it to someone else, that buyer will either have to honor the lease, or evict the residents if they want to live their.

Whatever you do--DO NOT sell the property to the tenants on a Contract for Deed or Installment sale. No matter how good this looks, YOU do NOT want to "be the bank" accepting payments while the tenant/buyer has title to your property. This is especially dangerous if you are moving away from the area. You will have no control or even knowledge of wht the tenant is doing with the house.

-they can not pay insurance and endanger the property to fires/floods/frozen pipes/mulitple other hazards

-they can not pay the taxes in it and incur a tax lein

-they can take down walls, make numerous interior changes without proper work or pulling permits, etc, etc

-AND once you are gone--they can choose not to pay YOU. If that happens, you will have to FORECLOSE on them to reclaim your property which is a long dragged out and expensive action. AND when you finally get it back--who knows what condition its in!

If you can't find a buyer to pay you the whole price at closing--don't do it! I truly with you good luck. I will 'positive think' you! --140.140.xx.x

Selling Rented Home (by Steve H [MD]) Posted on: Dec 9, 2009 3:48 PM
Message:

Thanks for the helpful advice! Much appreciated. --96.241.xxx.xx

Selling Rented Home (by billy [MA]) Posted on: Dec 10, 2009 7:24 AM
Message:

i would try to sell in warm weather.u cant cancel lease generally unless its month to month but u can sell with tenant there. --208.58.x.xx

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Selling Rented Home

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