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Selling a House With a Tenant Living There: What Are Your Options?

Kentucky Cash Home Buyers • December 9, 2022

Are you selling your rental property with a tenant still living in it? If so, you already know that dealing with tenants is a complicated affair. Selling your rental property with tenants adds more complexity to an already elaborate process. The United States has seen surging rental real estate trends surrounding this issue. Most notably, the ongoing shift to remote working has caused rent growth to shrink in metropolitan areas and skyrocket in suburban markets. In recent years, rents have been growing at a brisk pace due to low rental vacancy rates and an increased demand driven by expensive new home builds.

When it comes to advertising and showing a property with a tenant it, you will need to think about the tenant's rights under the lease, the state law and your own needs. Depending on the situation, having a tenant in place might be beneficial for some buyers, but it might also be a problem for others. The showing of a property will definitely go smoothly if there is no tenant.

Can I Sell a Property with a Tenant Living in It?

The simple answer to this question is yes; you can sell a property with a tenant still living in it. A fantastic way to achieve this is to sell my house fast Louisville. If you’re wondering how to sell my house fast Louisville KY, you can contact a cash house buyer. However, before you put your property on the market, you should consider the pros and cons of selling fast. By understanding the pros and cons, you can then decide if the option to sell my house fast for cash Louisville KY will work for you.

The Pros and Cons of Selling a House with a Tenant Living There

When evaluating whether selling a house with a tenant is a good idea or not, you should consider the following factors.

The Terms of the Tenancy

If the tenant has a month-to-month contract, you can end the tenancy by giving the amount of notice required by the law. If the property is situated in a rent-controlled area, however, you will want to check the laws that apply there. This will ensure that you are allowed by the law to end the rental agreement. You should speak to your real estate agent to discuss if it makes more sense to terminate the agreement with the tenant or leave the decision to the buyer.

If the tenant has an existing lease, you should consider how much time is left in the lease term. If the tenant is long-term, you may attract investors or deter buyers who intend to live on the property.

The Group of Potential Buyers

Many investors don't have a problem picking up a property with an existing tenant who is up to date with rent. This is especially if the tenant still has a lease in place. If the tenant's lease expires shortly after the sale closes, then such a property may appeal to buyers who want to make it their home but don't want to move in immediately. However, if you find a buyer with a family who wants to purchase your property and move in immediately, having a tenant will reduce the number of potential buyers.

The Type of Property

If your property is located in a complex with a lot of tenants or in an area with a lot of tenants, such as near a college, it's likely there is an availability of Louisville home buyers who won't mind a current tenant. In this case, you should examine the market price of the property. Oftentimes, high-priced properties will be purchased by people who plan to live in them. These are also people who are not looking to make money by renting out the property.

Only a few buyers in this group will want to take on a high monthly mortgage bill while waiting for a low-rent-paying tenant's agreement to expire.

The Tenant and Their Tenancy

When selling your property, you must consider the personal characteristics of your tenant. A tenant that doesn't respond to your communication attempts or one that doesn't maintain their house will hinder your selling efforts. On the other hand, a tenant who is clean and responsive and is willing to work with you is an asset. In addition, a tenant who owes money will be a headache to new buyers.

Marketing Strategies When Selling a House with a Tenant

If the tenant is staying after closing, you may want to market it as both a primary residence and a potential investment property. The buyer will then decide how to use the property. There are certain things you can do to make the sale go more smoothly when a tenant is living in your property.

Make Showing Times Easy for the Tenant

If you choose to sell my house fast Louisville KY, you should hire an agent to market your property. You should then let them know that the tenant will need at least 24 hours' notice for showings. In this case, you can ask the tenant for their schedule so you can know when they are available. This will ensure that any buyers wanting to view the property will abide by your timing requests. You can always request the tenant to show the property on short notice.

However, unless you have an agreement with the tenant, the notice required for an entry will be determined by the lease.

Ask the Tenant to Leave During Showings

Most buyers don't like being followed around by the resident. The buyer should be able to view the property freely. In this case, you can offer the tenant an incentive that will motivate them to leave the house. For instance, you can buy them food or coffee at a different location while the property is being shown.

Make It Easy for the Tenant to Maintain the Property

In this scenario, you can hire a cleaning service for the period of time the property is on the market. Because the tenant doesn't have any stake in the sale of the property, you should take some responsibility for keeping the property in perfect condition. A great way to achieve this is to hire a professional to clean and organize your property for showings.

Endnote

Selling your house with a tenant living in it can be a bit more complex than selling a house without a tenant. For this reason, there are certain factors you must consider to ensure the sale goes smoothly. For instance, you can opt to sell my house fast in Louisville KY to cash house buyers. The information above can be very useful, especially if you have never sold a property before.

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