At some point in time you may find yourself looking to offload a rental property, but selling the property while tenants are still present creates a unique – and perhaps awkward – obstacle. In order to help lighten the load and make your sale a success, here’s how to sell a house if you have tenants. Selling a house while having tenants will be a rigorous undertaking especially when it comes to advertising and showing the property to potential buyers. One important consideration for selling a rental property is what to do about the existing tenants? Read further and know how to sell a house if you have tenants in Cincinnati.
Check the Lease Agreement
Before you get the ball rolling on anything else to sell a house if you have tenants, you need to comb through the details of the tenant’s lease agreement.
Any required notice of them vacating the property or other stipulations tied to this situation should be spelled out in the agreement. If you somehow find yourself in a scenario where a lease agreement appears confusing, ambiguous, or leaves anything up to interpretation, it’s a good idea to consult an attorney regarding applicable local and state laws.
Find the right agent to help you sell a house if you have tenants is one of the important tasks on the list. f you’re dealing with this situation, you will need aid from a professional real estate agent who can help you with the proceedings and make you understand all undertakings.
As with any real estate transaction, it is important that you find and hire a qualified and experienced real estate professional when you sell a house in Cincinnati. Team Sztanyo will help you understand all of your options so you can make the best decision that will help with your current circumstances and goals.
Real estate can be stressful, but we aim to put your mind at ease. Let us worry about the details. We believe in honesty, respect and servanthood. And when you work with Team Sztanyo for your real estate needs, you know you will have an expert who will serve your needs and be a strong negotiator on your behalf.
If you want to chat real estate or even just connect for a quick coffee, reach out to me anytime!
Approach the Tenants
Once you’re familiar with the details of the lease agreement and have professional backing, sit down with your tenants to inform them of what’s going on.
Have a candid discussion about any options that may be on the table. Be understanding and diplomatic since this could come as a surprise to them.
Hopefully, the tenants will return that understanding and you two can come to an agreement on a timeline for them vacating the property, if necessary. If the tenants become hostile, this is where you’re having previously contacted an attorney may be needed as leverage.
While your tenants absolutely have rights and protections provided by ordinances and laws, there are protections afforded to landlords as well.
A major consideration to keep in mind is the possibility of selling the property to the tenants. It’s very common for a tenant to purchase the rental property from the landlord, and it could help streamline the path straight to your goal.
Talking with the tenants about a possible lease-to-own agreement – if not an outright purchase – could alleviate all of your problems in selling a house if you have tenants.
If the property ends up on the open market, do everything in your power to communicate with your tenants when it comes to showings and inspections.
Giving a minimum of 24 hours’ notice is considered good form. Doing your best to schedule these events at times that are convenient for the tenants will go a long way toward making everyone’s lives easier.
As long as the current tenants are not intentionally being difficult about scheduling, give them the benefit of the doubt and accommodate whenever possible.
Keep Everyone in the Loop
After everything is underway, the last thing anyone wants to discover is that they were not updated on any changes in circumstances.
You are looking to sell the property with as few disruptions and additional stressors as possible, and that means effectively communicating with potential buyers, current tenants, and anyone else with a stake in the sale of the home.
Team Sztanyo is your Professional Partner to Sell a House if You Have Tenants in Cincinnati
If you have questions like: Can you sell a house with tenants? What happens when you sell a house with tenants? How do you sell a house with a tenant? Is it better to sell a house with tenants? Or If you have tenants and want to sell a house in Cincinnati, you need to contact us today at (513) 813-6293 for experienced, professional guidance!