Are you looking for a way to sell a house that has tenants? Maybe it’s time to enact an exit strategy on your income property, which was part of your plan all along? Or maybe circumstances have changed and it is now in your best interest to sell rather than hold on to your income property. Whatever the situation, whilst you may want to sell your house as quickly as possible, you’ll likely already know that this can be quite difficult when tenants are involved.
To address the elephant in the room, the answer to the question that you’re most likely thinking about right now is, yes. Yes, you can in fact sell a property with existing tenants. And this isn’t just possible by some legal loophole. Most states allow the sale of properties that have active tenants living within them. However, things often get complicated when it’s time for the buyer to move in.
If you have tenants that have active lease agreements, it kind of goes without saying that you won’t be able to simply kick them out once the sale is finalized. As such, you’ll have to wait until their lease or rental agreement expires before your buyer can officially take full ownership of the property, which can be quite difficult. Not to mention, very few buyers will agree to be held on for this.
Be that as it may, fear not. Where there is a will, there is a way. So read on to learn more about our top sale tips on how to sell your house if you have tenants. For more information on selling houses in Roseville, you may also want to read this blog that expands on How To Sell Your House Without Sinking Any More Money Into It.
How to Sell Your House When You Have Tenants
Read on to discover what you can do to sell your house in Roseville even whilst you have tenants.
For your tenants, when you sell your house, it is more than simply a business transaction. You’ll be selling the roof that they sleep under, the shelter that holds their family. You’ll be selling their home. As such, it is very important to be empathetic and tread lightly as you inform them of the impending sale and change of ownership.
In addition, it is also very important to remain aware of their rights throughout the sale process. As the homeowner, you should carefully consider the terms of your tenants’ lease agreements, when selling your investment property in Roseville MN. Unless the lease was written to allow for early termination, they will likely have the right to remain in your home as tenants until the end of their lease’s term. This could be rather tricky, especially if your potential buyer wants an empty property quickly. But it’s important to tread lightly with your tenants, no matter what kind of pressure you may be under with your buyer. A misstep with how you handle your tenants could possibly land you in legal trouble.
Paying your tenants, as a way to sweeten your request for them to vacate your premises prior to the end of their lease agreement, is another great tip for selling your house in Roseville MN when you have tenants. If you find yourself desperate to sell your property while your tenants still have active lease agreements, you may be able to pay your tenants to leave. This benefits you because if they accept the money, you’ll be alleviated of any legal risks involved with breaking the lease early. Let’s face it, if your tenants refuse to cooperate with your sale (which is well within their rights if they have an active lease agreement), this could make your home sale very difficult. As such, giving them an incentive is a great way to get them to cooperate.
Rent to Own
Using a Rent to Own agreement as a method of selling your house in Roseville MN when you have tenants is another good option. This choice comes with a lot of benefits if you are in a good financial position with a reliable tenant. With a rent-to-own agreement, typically, your tenants would become responsible for the property, as if it were already fully their own. They would pay a down payment, then follow it up with regular monthly payments while they build up their credit. In a few years’ time, when their finally able to secure a mortgage loan, they will then purchase your house by paying the balance from their loan. With this sale choice, you’ll get to sell your property while your tenant gets to keep their home. It’s a win-win situation.
Selling Your House Directly To FastPath Home Buyers in Roseville MN Instead
One of the best options that you have, when it comes to selling a house that has tenants, is to sell your house directly to FastPath Home Buyers. Here at FastPath, we buy houses in Roseville MN, and throughout its surrounding areas. Local home sellers experience many benefits when they sell their houses directly to our company, most of which are essential when it comes to speeding up a home sale that involves tenants.
These include the fact that we buy houses with cash, close quickly, and will accept houses in “as-is” condition (No Cleaning! No Repairs! …which can be life-saving if you’ve had bad tenants.) But most of all, unlike regular buyers, we are willing to work with you and your tenants by (among other things) buying your house before your tenants are due to leave.
So contact us today, either by calling (612) 351-2384 or by filling out the short form below, and we’ll get back to you with the Highest Possible All Cash Offer.
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