Do you need to sell your house with tenants in Mooresville? Selling a tenant-occupied house can be much more difficult than selling a vacant or owner-occupied house. Learn more about what to expect in our latest post!
Do you have an unprofitable rental property in Mooresville ? Many landlords are tired of dealing with tenants- disrespectful, full of excuses but low on timely rental payments, etc . . . but don’t want to go through the hassle and headache of evicting them. There are many reasons why a homeowner would want to sell a house with tenants in Mooresville. As you can imagine, it may be difficult to convince your tenant that selling the house is a good idea. In order to get their support, you’ll want to let them know about everything going on, and making selling worth their while as well.
Offer An Incentive
If you opt to list the house with a Mooresville real estate agent, things will go a heck of a lot more smoothly and easily if your tenants cooperate. By offering an incentive, you’ll hopefully be able to avoid any resentment they may have about your selling the house they are living in, possibly forcing them to move. It’s good to remember that while you own the property, it is still the place they call home. By offering to help them moving costs, first months rent somewhere else, or a discount on the amount of rent they are paying, you will hopefully be able to get them to help you facilitate the sale. You can also offer to help them find a new rental, providing an excellent reference as needed. Keep in mind, that asking them to clean and leave while the house is been shown is a lot. Make sure you compensate your tenants accordingly to make the process run smoothly. The last thing you want is disgruntled tenants showing the house to buyers that you send over, and pointing out every single flaw in the house (real or imagined). You do not want your current tenants to feel that if they can discourage a sale, they will be able to stay without the hassle of moving. To read an article I wrote about how the house in the picture to the left ended up like that, click My Hoarder House Flip.
If the house is going to be shown with a tenant still living there, offer to pay for a professional cleaning service so that the dirty work isn’t falling on them. You can also offer them movie tickets or a gift certificate to a restaurant so they have something to do while the property is being shown. It’d be ideal if they were not there while the property is being shown, so group showings, whenever possible, help accomplish this.
Wait Until The Lease Is Up
As a landlord who wants to sell their house with a Mooresville real estate agent, it may be in your best interest to wait until the lease is up. Trying to coordinate repair work, property showings, and keeping the house in showing ready condition can be a lot for a landlord to ask of their tenant. In many cases, landlords face backlash or even the tenants trying to disrupt, or actually block the sale. It can be better for all parties (and a whole lot less stressful for you) if you can wait until the lease is up before selling the house in the traditional way.
Terminate The Lease
If your tenant has violated the rental agreement in any way, you can evoke an early termination clause in the lease (check with your attorney on this, as every lease is different). Not that you want them to slip up, but if they have been consistently late on rent or have been a documented nuisance to the nearby neighbors, you may be able to end the lease sooner than planned. When drafting your rental agreement, make sure to include details on what exactly will merit an early termination of the agreement. Or better yet, have a lawyer who is extremely familiar with evictions draft that lease for you, drawing on his or her knowledge of all the problems and pitfalls that can occur leading up to an eviction. You will pay for it once, but use it over and over, and it will be literally worth it’s weight in gold!
Sell Your House Directly
If you want to sell your house with tenants in Mooresville, the easiest way is by choosing a direct sale to Property Solutions, LLC. We will buy your house directly, with or without tenants in place. We’ve bought our share with tenants before, some of which had not been paying for quite some time, and led us a merry chase getting them out. Our process will let you get rid of the unwanted investment as quickly as possible while receiving a great price for the home. In some cases, when you sell your house directly to Property Solutions, LLC, the lease will stay in place and your tenant will go undisturbed. The only change for them will be where to send the check each month.
Find Out If Your Tenant Wants To Buy
When looking to sell your house with tenants in Mooresville, you may want to let them know about it first. They already live there, so no moving is involved. They have likely made the house their home and gotten accustomed to the neighborhood. If your tenants seem are happy to live there, they may want to buy the house themselves. Put them in touch with a competent mortgage broker, and see if they are able to qualify for a conventional loan, or an FHA loan if the property is in top condition.
If financing is a problem and you don’t need the full amount for the property right away, owner financing can be an option if you own the property outright, at least until they are able to get the credit or cash they need for a traditional loan.
Understand The Tenants Rights
When trying to sell your house with a tenant in Mooresville, you’ll need to be aware of the rights of the tenants. So long as no violation has occurred, in most places, a tenant has the right to stay in the home until the lease is up, whether or not someone buys the home.