Tips To Sell Your Home With a Tenant in It

When it's time to sell your home, you may be worried it won't go smoothly because you have a tenant living in your Charlotte house. Just because you rented out your house doesn't mean you cannot sell it.

A tenant-occupied property can be sold, even before the lease is up. However, there are some things you have to be aware of when selling a home with a tenant in it. Let's look at a few of the things you should consider when you're in this situation.

Keep Your Tenants Informed

The first step in selling your home if you have tenants is to let them know you plan to sell the home. You can send notice, talk to them in person, or call them over the phone. It's best to send a certified letter and speak with your tenants in person. This protects you legally and allows you to keep the personal touch with your tenants.

Don't Renew the Lease

When you have a tenant with a long-term lease, it can slow down the selling process. A month-to-month lease is a bit easier to work with, but it's not impossible to sell with a long-term lease. However, if that lease comes up, don't renew it.

Selling a vacant home is much easier than a tenant-occupied home. If you get the chance to get out of the lease with your tenants, take it, as it will make it much easier to sell the property.

Let the Tenant Buy the House

Maybe your tenants are thinking about buying a house and really love where they live. If so, you may want to sell your home to the tenant. This can provide plenty of benefits including the ability to use owner financing to help them buy your home from you.

Even if your tenants cannot get approved for financing or are not interested in buying the home, they will likely appreciate that you offered it to them first. This is a great way to approach selling your home with tenants in it.

Offer to Help Tenants Find a New Place

If you don't want to go through the home selling process with tenants in the home, you can come to an agreement with your current renters. Instead of just selling the home with them in it, offer a relocation allowance and any assistance you can to help them find a new place to live as soon as possible.

You can offer several types of incentives to help them vacate the property so that you can sell it. From a relocation allowance to a rent waiver, there are several things you can do to help your tenants move out without it being a huge hassle.

Consider Selling to an Investor

Most investors will jump at the opportunity to buy an occupied house, as they don't have to find new tenants. This can be a good option if you have a lease that won't expire for several months or more than a year. An investor can buy the home and allow the tenants to remain without much issue.

Know the Local Tenant-Landlord Laws

Even if you're not selling your home, as a landlord, you should know all the local tenant-landlord laws. Every location is a bit different, but you want to know how much notice you must give if you want to sell the home and any other laws pertaining to how you must go about the process of selling.

Make sure you understand the legal side of things when it comes to showing the house and actually selling it. You may want to consult a professional real estate agent with experience in selling homes in Charlotte with tenants in them before you move forward with the process. It's also a good idea to have an attorney review your lease and advise you on how to move forward.

Selling a home in Charlotte with tenants living in it is tricky, but it can be done. The tenants you have and the lease will dictate how you go about dealing with informing them and moving forward with the process. Consult with a real estate agent before you start the process to ensure you're doing things in the best interest of the tenants and getting the home sold.

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