Selling Rentals
It can be challenging to sell a property that’s currently rented in several ways. If you intend to list the house on the market, you’ll need to work with your tenants to establish windows of time during which potential buyers can request showings, and also a process for the tenants to know of the exact showing times so they can plan to leave. If the house is in need of repair or remodeling, you may prefer to empty out the property and do some of that work so that it’s more appealing to buyers from a condition standpoint.
But depending on your plans and willingness to continue short terms as a landlord, you may consider leaving good existing tenants in place while first attempting to sell a rental. The simple reason for this is that some buyer’s considering buying rental property will prefer to have the rental income or at least the option for it. They may even be getting a loan that’s dependent on that income. If you pursue a deal with a buyer that prefers to close on the property vacant, you can work out timing with them and give the proper lease termination to the tenant at that point.
Do you have a rental property that you’d like to sell? Give us a call or fill out this short form here and we will contact you within 24 hours.