Want to sell your tenant occupied property? Whether you are a seasoned landlord or a newbie in the business, getting a property vacated for sale is quite challenging. A tenant may refuse to move out because of the lease duration or they are not ready for an immediate relocation. Being a good and refined landlord, you don’t want throw them out forcibly or getting into any legal trouble. Don’t worry.
Here are the ways you can use to sell your tenant-occupied property.
Give them Time to Vacate:
How much time you should give them to vacate the property? Well, it depends on a lease agreement signed between you and your tenant. For example, you are required by the law to provide them with a time if they are on month-to-month lease. Generally, you will have to give them 30-60 day notice for vacating the property as per your state’s law.
If you want to show buyers your rental property, you should give your tenant at least 24 hours’ notice regarding that.
For a tenant living on a fixed term lease, like one year lease, then a tenant has a right to live there till the time frame mentioned in the agreement. Here your lease can only help you if it contains an early termination clause. Or you can ask them to vacate the property if they fail to pay rent or deface your property as they violated the clauses mentioned in the agreement.
Sell Your Property to Real Estate Investor:
A tenant may refuse to vacate the property due to the remainder of the lease. In this case, selling your tenant occupied property to real estate investor is an optimal solution. There are many real estate investors who prefer buying rental property with the tenants in.
Sell Your Property to Tenants:
Do your tenants have a long time left on their lease? And they not willing to move out early? Why not sell your property to them? Since a tenant has been living in the house for longer, he may have developed a bond with the property. Plus, he prefers to live in familiar settings than to move somewhere in new locality.
Lure Them with an Incentive:
Money makes the mare go! You can offer your tenants reward or compensation to vacate the property. For example, you can promise a deduction in rent if they decide to move out within a specific frame of time. Or you can pay their rent of the new property for some months.
So these are the strategies you can implement to sell your tenant occupied home quickly with minimum hassles.