How to Sell a Tenant Occupied Property | Zion REI
How to Sell a Tenant Occupied Property
There are a lot of things to think about when selling a tenant-occupied property. How will you handle the transition? What kind of notice do you need to give tenants? And, most importantly, what is the best way to approach the sale? Here are three different ways to sell a tenant-occupied property, depending on your situation.
Your Options for Selling a Rental Property
If you’re looking to buy or sell a home, there are many things that can go wrong. In the case of having tenants in your property and violating lease agreements along with angering them could slow down any sale process greatly so it's important learn how best handle these situations before they arise!
You'll want research on hand since this will help when selling an occupied house--as opposed from just listing without renters present., You may also need professional assistance because sometimes disputes between buyers/sellers occur which would make everything take longer than necessary.
List of Services
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Month-to-Month LeaseList Item 1
Month-by month leases offer the most flexibility when it comes to selling this property. If the tenant isn't a problem you could sell the home with them the lease in place. The main downside of this option is that it can be more difficult to find a buyer who is willing to take on a property with current tenants in place. In most cases, the seller will need to offer some type of incentive (e.g., cash for keys).
Alternatively, you could issue an eviction order and give them a certain number of days to vacate the premises before selling.
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Long-Term LeaseList Item 2
Longer leases can sometimes slow down the sales process. If a property is under lease, then the sale generally has to go through the current tenant. This can cause delays and sometimes lead to the new buyer having to deal with an icky previous occupant.
The bottom line is this: if you’re a landlord and your tenants are following the rules of their lease with payments on time every month then they should (legally) be able to stay in place until it expires.
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Problem TenantList Item 3
The decision to sell your property often lies with the tenant. If they're doing something that makes you uncomfortable, like not paying rent or breaking another rule in their lease agreement for example - then it's best if we can get them out of here as soon as possible! There are two ways this could happen: either by showing documentation proving how long these people have been renting from us (and making our properties safe), OR through eviction proceedings which require both parties go before a judge so he/she may make orders regarding what happens next.
If you are in a position where you need to sell quickly, selling to an investor directly instead of listing the property on the MLS is probably the best option. You'll likely sell the home for more and have a much fast closing timeframe.
My Tenant Won't Move Out
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Sell To Your TenantList Item 1
Selling to your tenant could be a good idea. This option can save you time and money, as you won't have to go through the process of evicting them. It's important to confirm that the tenant is capable of financially purchasing the home.
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Sell To An InvestorList Item 2
Selling your occupied property to an investor means the least hassle. You'll pass the problem onto them and be able to move on to your next project. No more tenants. No more problems. No challenging listing process.
If you do want to sell to an investor and are located anywhere in Michigan, we'd love to speak with you. We purchase many occupied properties and pay a fair cash offer for home in Grand Rapids, Muskegon, Lansing, Kalamazoo and surrounding West Michigan communities.
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Cash For KeysList Item 3
A final option is called, "Cash for Keys". You are going to bribe your tenant to leave. We hate it. Most investors hate it. You should hate it too. It often encourages tenants to continue their poor behavior in the future. That said, it works. Offering a tenant cash to leave is a quick way to obtain occupancy of your property and begin the selling process.
Need To Sell Your House Fast? We've got you covered.
If you are a property owner in Grand Rapids, Michigan who would like to sell your tenant-occupied property, please get in touch with us. We would be interested in purchasing it from you! Thank you for reading our blog post, and we hope that this information was helpful.
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