How to Sell Properties Already Occupied By Tenants

Many homeowners are asking about the possibility of selling their homes even while the tenants are still occupying them. The answer is yes. If you are in this situation and you are seeking for tips, here are some of them.

Know the rights of your tenants.

Although you’re the property owner, the law dictates the rights of your tenants. Depending on the state, slight variations might apply. Basically, as long as the tenant pays rent on time, eviction is impossible. But knowing that delinquent payments can be ground for such, you can already have basis for when this is an instance.

Invite an investor to buy the property.

This one might be a risky tip, but with proper negotiations, it can be the best fit to sell your tenant-occupied property. There are investors who would be very willing to be the new owner of the property. But with this, they must also be willing to take the tenant with the new phase of ownership. Yet, the new owner must also be willing to stick with the rental fee until the proper time for increase.

Offer your tenant a move-out payment.

While this tip might somehow be within the very least of your options, it might just be your lucky card. For this option, knowing the average rent in your area can help you determine how much you’re going to pay your tenant to vacate the space. Or for some quick maths, you might just have to multiply the monthly rent to the remaining months the tenant have to spent on your top real estate agents in Oro Valley AZ property.

For added weight on your offer, you might want to shoulder moving out costs, or at least cover the security deposit for the new space they are planning to rent.

Let your tenant buy your property.

If your tenant still refuses to vacate your property even after offering payment, then you can let your tenant buy the property. There are mortgage institutions that can help them buy your property. If you know one, you can recommend them. If they can’t get mortgage financing, you can also let yourself be the lender too.

You are the owner of the property. In cases tenant becomes uncooperative, you can always seek help from authorities like police. There are also possibilities when the tenant will change locks preventing you access to your very own property.

Selling a tenant-occupied property is different from selling a vacant property. By following the tips stated above, you can already plan, or you can just wait for the time when tenant contract expires.

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