How To Sell Your House With Tenants

How To Sell Your House With Tenants

Having a tenant living in your house, condo, or cottage makes the selling process even more complicated. If you are planning to advertise and show your property to potential buyers, you have to take into consideration the lease or rental agreements and your tenants’ rights. In addition, you also have to take into account state law. 

In general, according to the law, you are allowed to sell your property with tenants still living in it. However, you should know that they are given the right to remain in a rented home through the end of their lease. Therefore, if you decide to sell your home, the lease would be transferred to the new homeowner, and they will become the tenants’ landlord. Unfortunately, there are probably not so many potential buyers who want to become landlords. Therefore, we prepared a list of creative ways to sell your property with tenants and find interested buyers. 

Discuss a “Cash-for-Keys” Agreement With Your Tenants

A “cash-for-keys” agreement is a separate agreement between a landlord and tenants that lets a property owner pay their tenants a sum of money to vacate the property within a certain period of time. “Cash-for-keys” agreements became popular during the housing crisis when lenders were offering “cash for keys” to occupants of foreclosed homes. If this agreement is not an option for you, there are other similar ways to negotiate with your tenants. For example, you can offer them a discount on rent, cover their next security deposit, or cover their moving expenses in exchange for moving out earlier. 

Sell the Property to Your Tenants 

If your tenants enjoy living in your home, they could be your perfect buyers. They know the property very well, have already moved in, and probably have some kind of emotional attachment to it. Selling your home to your tenants helps you avoid listing, advertising, and showing your home. It will save you both time and money. However, you should consider getting a home inspection to check if there are any issues with the property. Also, you will still have to hire a real estate agent, who will prepare the purchase agreement and close the sale. You can also consider an option where your tenants are paying out your mortgage instead of monthly rental payments. 

Sell Your Home to a Cash Buyer

Selling to a cash buyer is a great option for those who want to sell their property fast. It is especially fitting for homeowners and landlords with squatters, month-to-month leases, or problem tenants. Most cash buyers buy all types of properties under any circumstances, and properties with tenants are not a problem for them. Moreover, they are ready to buy a property fast and “as is,” meaning that you as a homeowner do not have to invest money in repairs and renovations. Finally, cash buyers pay cash that you can use immediately. 

Frank Buys Houses is one of these cash buying companies located in the Stockton area. Frank Silveria has been a home investor for over 20 years and knows everything about the real estate business. He and his professional team are dedicated to helping clients in the most complicated situations. Frank Buys Houses purchases all types of properties, including properties with tenants. In addition, they are ready to buy homes as is, meaning that homeowners do not have to make any repairs or renovations. If you own a home in the Stockton area that you would like to sell, feel free to contact Frank Buys Houses. They are ready to help you make your selling process as stress free and uncomplicated as possible.