When you are faced with trying to sell your rental home when you have a current tenant, the exact etiquette of how you should deal with both the tenant and potential home buyers can be confusing. It can quickly turn into an awkward situation, but it doesn't have to go in that direction. Be sure to follow these dos and don'ts if you want to sell your property before the current tenant moves out.
Do Honor the Original Terms of Your Lease
You can't just decide one day that you want to kick your tenants out. If they have a lease, honor it unless you come to other agreeable terms with your tenant. You will need to arrange to sell your home after that lease has expired. You can ask your tenant for feedback about your intentions, but the decision is ultimately up to you. The exact laws on this can vary by state, so be sure to ask your real estate agent if you are unsure of the laws in your state.
Don't Lie to Your Current Tenant
Whatever you do, don't give it to the temptation to lie to your tenant about your intentions. Although letting your tenant know that they may have to relocate can be awkward, it is a far easier conversation to have than one in which you reveal that you already sold your home without giving them notice. Keep things on good terms with your tenant when possible by respecting them enough to tell them the truth about your intentions.
Do Offer the Tenant First Refusal to Buy
Some areas require you to offer your current tenant the right of first refusal to purchase your home. Although it may not be a requirement in your area, you may still want to offer that to the tenant if you feel that they have been good tenants and would pay a fair price for your home. In some areas, you may have to wait a predetermined amount of time to receive their decision.
Don't Mislead Potential Buyers About Your Tenant
When you are trying to sell a home that has a current tenant, you may think that its best that the potential buyer doesn't realize that you were renting the home to someone else. However, that can be a big mistake. If someone discovers that you were trying to sell your home through deceitful means, they may want to back out of the entire deal since they will no longer trust you.
Finally, keep in mind that you need to enlist the help of a high-quality real estate agent to ensure that you are doing all the right things to sell real estate for the most money. There is no reason that having a tenant needs to sabotage your home-selling efforts.Share
30 November 2016
Do you absolutely adore your home, but are planning an upcoming move due to a career change? If you’re moving in the near future, you might desperately desire to sell your current home as soon as possible. To help you accomplish this important task, consider hiring an experienced, real estate agent in your community. This individual can help you select the perfect selling price for your house. Your real estate agent can also provide valuable information about staging your home to perfection. For instance, to make your home more inviting, your real estate agent might suggest you purchase new bedding, window treatments, and artwork. On this blog, I hope you will discover how a real estate agent can help you sell your home fast. Enjoy!