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Selling a house while tenants live in it
Posted on 7/23/13 at 12:48 pm
Posted on 7/23/13 at 12:48 pm
I am very close to putting a house on the market but have tenants in there paying me rent. I'm debating on giving them an option on staying there while I try to sell.
Has anyone crossed this bridge? I'd like to keep them in there for the cash flow but I could see their presence put a damper on selling it versus showing it empty.
What say the MBers?
Has anyone crossed this bridge? I'd like to keep them in there for the cash flow but I could see their presence put a damper on selling it versus showing it empty.
What say the MBers?
4
Posted on 7/23/13 at 1:18 pm to DaphneTigah
(no message)
This post was edited on 7/23/13 at 1:31 pm
Posted on 7/23/13 at 1:30 pm to Teddy Ruxpin
TR, I would retract this statement; without saying more, OP should consult an attorney regarding his tenants' rights and his obligations in the event that immovable property is transferred during the duration of an unrecorded lease. (assuming the lease is unrecorded)
This post was edited on 7/23/13 at 1:34 pm
Posted on 7/23/13 at 1:31 pm to Cold Cous Cous
quote:
TR, I would retract this statement; without saying more, OP should consult an attorney regarding his tenants' rights and his obligations in the event that immovable property is transferred during the duration of an unrecorded lease.
Good point. Better to be careful.
Posted on 7/23/13 at 3:06 pm to DaphneTigah
The lease that my agent wrote up gives the tenant 45-60 day notice of putting the house on the market.
Posted on 7/23/13 at 4:07 pm to DaphneTigah
We had this situation many years ago. The majority of realtors hate showing a property with tenants living there, since they have no vested interest in whether or not it sells. In other words, they won't necessarily take the time to always make sure it looks good. Our realtor had a "talk" with our tenants about what she expected. The home was under contract in three weeks, so we never had an issue.
Posted on 7/23/13 at 4:08 pm to DaphneTigah
Have done this
We changed their lease to month to month, informed them of the situation and they were good with it.
Told them we would give them a 24 hr notice before showing it. Always went in about 30 min prior to pick up after them.
We changed their lease to month to month, informed them of the situation and they were good with it.
Told them we would give them a 24 hr notice before showing it. Always went in about 30 min prior to pick up after them.
Posted on 7/23/13 at 5:07 pm to C-Bear
If you have really great tenants that keep it nice, it can be to your advantage, but ususally it is a problem. It is going to be an incovenience for them if it does sell and most tenants are very uncooperative. They either refuse showings or leave the house in a mess.
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