Selling house with tenant
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Selling house with tenant (by Alex [NY]) Jun 11, 2018 7:38 PM
       Selling house with tenant (by JB [OR]) Jun 11, 2018 8:09 PM
       Selling house with tenant (by myob [GA]) Jun 12, 2018 3:54 AM
       Selling house with tenant (by S i d [MO]) Jun 12, 2018 8:06 AM

Selling house with tenant (by Alex [NY]) Posted on: Jun 11, 2018 7:38 PM

Does anyone have any advice on selling a tenant occupied property? I have reviewed the lease. It is legal for me to sell with tenant and tenant is allowed to stay for remainder of lease.

Selling house with tenant (by JB [OR]) Posted on: Jun 11, 2018 8:09 PM

Before marketing, talk with your tenant. Tell you want to sell and ask if they are interested in buying owe them that much. If they aren't, then find out how cooperative they seem to be to having viewings. If they're not very happy about helping you show, the property may not be looking too good when you do show. Maybe offer them an incentive to either leave or offer them an incentive to having them help make sure it is looking good for the showings.

This would have been much easier if you had let them go to month-to-month instead of renewing their lease.

Selling house with tenant (by myob [GA]) Posted on: Jun 12, 2018 3:54 AM

Lease will stay with property.

Are u selling it as a rental- another words-- is it the type of home usually a rental or should it be an ower occuipied type place. Makes big difference in marketing.

You would have either a regular appraisel (owner occupied) or a rent value appraisel (which should be higher)

Selling house with tenant (by S i d [MO]) Posted on: Jun 12, 2018 8:06 AM

You can certainly ask the tenant if they want to buy it if you like--and I think that would make good business sense because the more potential buyers you have the better offers you should receive--but I wouldn't do it out of any kind of implied obligation. They have paid rent. You have let them live there. You have both lived up to your respective ends of the deal.

I do agree with making it a "win win" for the tenant regardless though. You will need their cooperation to have good showings to attract the most buyers.

Curious, is this an "investor only" house, or could it be an owner occupied?

If it's an owner-occ hood, then definitely consider cash for keys to get the tenants moved out early. Most retail home buyers won't be interested in a property where a tenant will be present and possibly tearing up their soon-to-be family home.

If it's a home only an investor would want, then they'll want to see that the place isn't a disaster, but they won't cause too much disturbance if you set reasonable showing expectations. You might offer your tenant a couple hundred $$$ per month to have "open showings" each week between 5 - 7 PM on Mondays and Wednesdays, for example, as long as they keep the property reasonably clean and picked up. Not "Home and Garden" TV immaculate, just not a lot of junk strewn all over.

Subject: RE: Selling house with tenant
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