Is it time to sell the investment property you bought or inherited in Greenville, but it’s still occupied? This can complicate the process of selling it in multiple ways. Let’s take a look at some of the challenges and help you simplify the process so you can sell your house fast!
There are a number of reasons why a homeowner would want to sell their rental property in Greenville. Maybe it’s the repairs, chasing rents or the fact that it’s just not making money. Maybe it’s the constant turnover or the disrespectful tenants that you’ve had to evict. As you can imagine, it can be difficult to convince your tenant that it’s a good idea for you to sell your house. It’s important you keep them up to date about everything that’s going on while also making it worth their while. After all, it’s their home.
Give Them An Incentive
If you’re going to list your property with a Greenville real estate agent, you’re going to need the full cooperation of your tenant. Offering them an incentive may help you avoid any resentment your tenant may be harboring. After all, this is the place that they call home and now they may have to move. By offering a discount on the amount of rent they’re paying, paying moving costs, or paying their first months’ rent somewhere else, you may be able to get them to help you facilitate the sale. If they’re interested in moving, helping them find another rental and providing an excellent reference is a great incentive as well! Keep in mind that asking them to clean the house and leave so it can be shown is a lot. Make sure to compensate them accordingly so the process runs smoothly. If you’re listing with a Greenville real estate agent, their cooperation is even more crucial.
Offer to pay for a professional cleaning service so the dirty work doesn’t fall on your tenant. Also, offering them incentives like gift certificates to restaurants or movie tickets can give them something fun to do while your house is being shown.
Waiting Until Their Lease Is Up
As a landlord who’s selling their house with a Greenville real estate agent, it’s probably in your best interest to wait until your tenant’s lease is up. Coordinating property showings, repairs work, and keeping the house in show-ready condition can be a lot for a landlord to ask of their tenant. In a lot of cases, landlords have seen backlash and situations when tenants can disrupt the sale! I was looking at a property in Ayden where the tenant ran off every buyer the real estate agent brought by! That house is still on the MLS! Waiting until their lease is up and they move out can simplify the process greatly and reduce your stress.
Lease Termination
Early termination of your tenant’s lease is an option as well if they’ve violated the lease in any way. It’s important that I say here, “Don’t be a jerk”. If they’ve been consistently late on rent payments of they’ve been a documented nuisance for the neighbors you may be able to end the lease sooner than its end date, but don’t try to find a reason to kick them out. Just looking for a reason can cause issues in the future, damage your reputation as a landlord, and lead to potential litigation. Be sure, when you’re drafting your lease, that you detail exactly what will merit an early termination of the agreement. Educate your renter on it and make sure they remain aware.
Selling To A Home Buyer
If you want to sell your house with tenants in Greenville, the easiest way is by choosing a home buyer like Pitt Home Buyers. We will buy your house directly, whether you have tenants or not. Our process gets rid of unwanted investment properties as quickly as possible while also providing a great price for them. Most of the time, when you sell your house directly to Pitt Home Buyers, the lease stays in place and there won’t be any problems for you or your tenant. The biggest change for the tenant will be where to send the check each month.
Find Out If Your Tenant Wants To Buy
Heck! Why not ask?! When you’re looking to sell your house with tenants in Greenville, let them know about it first. There’s no moving involved because they already live there! They have likely made the house their home and gotten accustomed to the neighborhood. If your tenants seem are happy to live there, they may want to buy the house themselves. If financing is a problem and you don’t need the full amount for the property right away, owner financing can be an option if you own the property outright, and leasing with an option to buy is a great way to sell it to them if you still have a mortgage. Then, when they build their credit and can get a loan they can buy it from you in full!
Understand The Tenants Rights
When selling your house that has a tenant in Greenville, you’ll need to be aware of their rights. So long as they’re not causing a problem, in most places, a tenant has the right to stay in the home until the lease is up, and that right should be observed. Be up front with your tenant and discuss with them the benefits and challenges associated with the process. They’ll be thankful and you’ll have a lot less stress!