How To Sell A Rental House That Has Tenants Living In It
Do you own a rental house that you want to sell? If so, is there a tenant living there right now? You can sell a house like this if a tenant is living there, but it may be more challenging to accomplish. Here are some suggestions to help you sell a rental property you own if a tenant is currently living there.
Option 1: Wait to List It Until the Tenant Moves Out
One option you have is to wait until the tenant moves out before listing the real estate. If you choose this route, you should inform the tenant that you will not be renewing his or her lease. You will need to give the tenant at least 30 days' notice if you choose this route. Your tenant will need time to find a new place to live.
The benefit of waiting to sell real estate without a tenant is that you will have an empty home to sell. It is often easier to sell an empty house rather than a house that is occupied with a tenant.
Option 2: Sell It While the Tenant Is Living There
The second option you have is to try to sell it while the tenant is still living there. Selling it with the tenant may be difficult if the tenant is not cooperative. If you have a cooperative tenant, though, it might not be difficult.
To use this method, talk to your tenant about your desire to sell, and find out if he or she is willing to work with you. If the tenant is willing to work with you, he or she will need to agree to prepare the house for showings and offer flexibility with the viewings.
If your tenant seems hesitant to agree to this, you could offer an incentive. If you're not sure what to offer, ask your real estate agent. Your agent might recommend giving the tenant a discount on his or her rent during this time. Another option is to provide a bonus to the tenant when you find a buyer and close on the property. For example, you could offer a $300 bonus to the tenant for his or her flexibility in the deal.
If you need advice or help with selling a rental property you own, call a real estate agent. An agent can help you sell rental property you own and can give you tips and advice to accomplish this goal.