Read our latest post to discover how easy (or difficult) it is to sell your house with tenants, depending on the lease and type of tenant you have.
Once you have made the decision to sell your house, it is only ethical to make the transition as easy as possible for your tenants. Make sure to keep them in the loop about your intentions and what their next steps should be. If they express a desire to stay in the property, try and look for a buyer who will preserve their lease agreement.
Find someone who understands that this isn’t just any old business deal — but one that affects real people too. Having said that, at the end of the day, it is still business. If holding on to the property means incurring more losses or missing out on other opportunities, don’t hesitate to cut ties and move forward.
Tenants’ Rights
If you are planning to sell your house that currently has tenants in Cleveland, it is essential that you first understand the tenants’ rights. You will need to provide appropriate notice and follow all legal guidelines if you require them to vacate the property.
Be sure that your lease agreement includes a termination clause that permits you to end the lease early. While selling a house with existing tenants may seem complicated, working with experienced buyers can help streamline the process and minimize disruptions for everyone involved.
Direct Selling
There are numerous benefits that come with selling your house directly. You don’t need to spend time and money cleaning, marketing, or staging the home.
This can be difficult when there are tenants living in the house, but it’s manageable if you find the right type of buyer who is willing to take on a property with tenants.
In fact, many investors will see this as a perk because it provides them instant income without any extra costs for renovating or cleaning.
Offer Incentives
Trust is key when you have tenants. If you want to list your house with a Cleveland real estate agent, either the tenants will need to move out or be willing to let strangers come in and look around. You don’t want anyone messing up a showing, so it’s important that your tenants are on board.
To make this happen, you could lower their rent in exchange for chores like property maintenance or cleaning. Alternatively, you could entice them to leave by decreasing the rent. Another option is to pay the first month’s rent at their new place. Keep in mind that selling a house with tenants can be really complicated for them. So providing financial or other types of incentives makes the whole process much simpler for everyone involved.
Be Respectful
While it may be YOUR house, your tenants currently think of it as their home. If they have lived there for a long time, they might feel anxious about being forced to move. Even though you might need to sell the property for personal reasons, try to make the process as smooth as possible for your renters. This will benefit both them and you in the long run.
Want to make some extra money? Why not sell to your tenants?
People usually have an attachment to the house they live in, especially if they’ve been there for a while. If your tenant has grown fond of both the house and the community, buying it might be something they’re interested in. Talk to them before listing your property — the best buyer might already be living there!
Wait
If you can wait, it is best to sell the house after the lease is up. In doing so, give your tenants sufficient notice that they will need to relocate as you will be putting the property on the market. You should let them know of your intentions in advance, which can help alleviate any potential issues, especially if they have been living there for a long time. If possible, try and assist with their moving costs or act as a reference — this can go a long way. Ultimately, selling when the house is vacant will likely net you more money (after accounting for listing fees) than selling while it is still occupied.
Speed up the process with RC Home Buyers
Selling your house fast in Cleveland while you have tenants can be tricky. But if you plan ahead, act smartly, and follow the law, it is possible! We’d love to help educate you on all of the options available to make sure that selling your home goes as smoothly as possible.
Are you struggling to sell your house because it currently has tenants? No problem! We specialize in selling houses in any condition and circumstance, including homes with tenants who still live in them. Give us a call today, and we’ll help you figure out the next steps. (614) -714-1794