As a landlord, you’re glad to have tenants living on your property- but now that it is time to sell, those tenants may cause some difficulties. While selling a rental property with tenants can be difficult, there are many ways you can make it happen without going crazy! Read on to learn about selling a house with tenants.
Selling a Rental Property with Tenants
Some landlords cannot fathom ever wanting to sell while their property is occupied, but there are some situations when selling makes sense.
As a landlord, you should be aware of both the tenants and your rights when the house is for sale. Take the time to research Texas landlord-tenant statutes here.
What if you’re selling timeline doesn’t line up with the rental contract? In most cases, you can not legally evict a tenant to sell the property unless it is spelled out in the lease. Regardless of legal necessities, you should give your tenants notice as soon as possible and then keep them up to date as the selling process continues.
Should I Try to Get the Tenant to Leave Before Listing the Property?
You may be able to market the property as an occupied one with a valid lease. This can actually be an attractive option for the property would make a good investment. An investor may be happy to pick up a property with an existing tenant!
If this isn’t the case, you can try to negotiate with the tenant regarding the length of the lease. This option has some risk if the tenant decides to ignore the negotiated terms and remains on the property.
If it is possible, it may be easier to wait until the lease is up before marketing your property.
Notifying the Tenants
You can notify your tenant with a sale of property letter which offers a straightforward option that lets the tenant know about your plans to sell and provides important information. Your notification should include:
- Your plan for the property
- How you will communicate with the tenant
- Information about how long in advance the tenant will be notified about showings
- Local and state law information
Hopefully, your tenant will see that you are willing to make the process as simple as possible by giving them detailed information and communicating with them about the process.
Marketing Your Property
If you have made it this far and you are listing your property that is currently rented, it is time to focus on finding a buyer. More than likely your buyer will be a landlord, a real estate investor, or someone not quite ready to move, but is looking.
Selling a Rental Property is Doable
It is possible to sell your rental property while you have an active lease. Ensure that your tenant is happy and cooperative and you, as a landlord, continue to keep them in the loop.
Consult with Freedom 512’s top-notch agents who have worked in all aspects of real estate. Your home sale is their priority, chat with a Freedom 512 Realtor® today.