Having a real estate property is one of the best long-term investments to have. However, there can be downsides if you have high maintenance renters, and it can leave you with a lot of responsibility to random strangers who live in your property. So what should you do if you have tenants in the home and you decide you want to sell the property to get out of the burden of being a landlord?
Selling rental property with tenants in Salt Lake City happens more than you would think. Landlords can be faced with circumstances leaving them to need to sell the property as soon as possible. It can be a hard decision since selling the property doesn’t just affect you, but the tenants living in your rental. There are, however, some things you can do to avoid complications and make life easier for not just you, but also your tenants.
Sell to the Tenant
If you have a good relationship with your tenants, and you know they love the home, then it may be a good idea to see if they would want to purchase the property first. There is a good chance that if they are in a place that they can purchase the home they will since they already live in it. This would be an ideal opportunity leaving you a smooth exit plan. It may be a little far-fetched, but definitely worth a try.
Send an Early Termination Notice
Depending on the state, you can send these types of notices out a month or two in advance to give your tenants enough time to prepare and move out of the property. This allows you to be able to terminate the lease, and if your renters violated any part of their contract then you can dismiss them early. Allowing the selling process to run more smoothly.
Keep the Tenants in the Property
This can be an ideal option for a buyer who is looking to buy this property as an investment. If you can find a buyer who wants to rent the home out as you did, and you have good tenants then this can be ideal for them. They can keep the tenants in the home and they won’t have to find a renter. It is a win-win for you, your tenants, and the buyer.
Cash for Keys Method
If your tenants have destroyed your home and you are needing to fix up your home before you can list it, this method could be a benefit for you. With cash for keys you can pay your tenant to vacate the home. You can offer then help to move, or pay their next security deposit or anything they might find helpful to get them out of your property quickly.
So now that we have gone over some options of how to sell your rental property with tenants, without any hard feelings on either end, let's talk about your options of getting the property sold.
If your tenants choose not to purchase the property then once they are out you need to evaluate the condition of the home. If you aren’t able to sell the home once it is vacant then you need to consider what price you will be able to sell the home for without doing any repairs or renovations.
Sell with a Real Estate Agent
This can be tricky with tenants living in the property. There is no guarantee that the home will look presentable since they most likely don’t want to move out. Also, keep in mind that you will somehow have to allow them to be available for showings whenever the real estate agent requests one. This can be a hard process and it could potentially take months.
If you don’t have tenants and you do choose a realtor to sell your home for you, consider this: in order to sell the home the realtor may require expensive repairs, and it most likely won’t raise the value of the home.
Sell by Owner
Selling a home by yourself can take a long time since you won’t have the resources to list the home or market it. Besides this, you may find it difficult to convince a potential buyer that they want the home after you have had different renters living in the home. They may be unsure of the condition of the home, which could leave them feeling uneasy about purchasing it.
Sell to a Cash Buyer
If you are 100% positive you want to sell your rental property with tenants then listen up, because this is the best way of getting a fast sale you desire. A cash buyer purchases homes as is, and as soon as seven days. Why, you ask? Simply because cash buyers have the cash on hand ready to purchase your property. You can receive a quote in just 24 hours and you can close it whenever you want. Your rental property could be sold in one short week.
If this sounds like something you are interested in, contact Enlight Homebuyers today at 801-939-0123 and we will direct you in the right way to get this fast, simple process started. If you are looking to sell your Salt Lake City rental property fast, we will give you a no-obligation cash offer today.
