This is a very common question that a lot of landlords ask. The answer to this is that yes, you can sell a house that has tenants.

Things to Do when you are selling the house with tenants

The things that you should do when you are selling the house that has tenants are:

1. You should be honest with the Buyer

When you are selling a house with a tenant, it should be very clear in your listing itself that someone is already living in the house.  You should share the details in the lease agreement so that the buyers know what they can expect. This is not only just about doing things right but it is also about attracting buyers who would be interested in buying a house that already has tenants in it.

2. Fix Up the Things

Just as when you are selling any house, the condition of the property matters, similarly when you are trying to sell a house that has tenants, the condition matters. You should also hire a professional to get any kind of repairs if needed. If the place has to be cleaned, you should also consider hiring the cleaning service when it is up for sale. Though it might be an additional cost, however, it might help you sell the property faster.

3. Give a Chance to your Tenants to Own the Home

If your tenants love living in the house, give them a chance to buy it. This will help you eliminate stages like showings, staging and listings. There are also certain other options that you can explore and these include lease to own agreement or even seller financing. Moreover, if the tenants turn buyers, they often are willing to pay more for the home and the purchasing cost might be fewer.

4. Highlight the Presence of Reliable Tenant

There are several buyers looking for an investment property that they can rent out. If the tenants of your home are responsible and reliable, maintain the property well and have been residents for a very long time that can be a very attractive option for several buyers.

5. Give your Tenants a Notice Period

If your tenants are on a monthly agreement, it is important that you let them know in advance that you want them to move out. Give them at least a 30 to 60 days’ notice period.

6. Check the Lease Violations if any

In case your tenants have not paid the rent on time, this is not just a simple problem, it might mess up the entire selling of your property. If the tenant continues to stay even after you sell the property, you should fix all issues with the lease before you sell the property.

Do not do the following things if you are selling a property with Tenant

1. Do not keep your tenant in the Dark

It is important that you keep your tenant informed that you are planning to sell the property. It is important that you are considerate. This way they will have some time in hand to look for another property.

2. Do not Break the Rental Agreement

It is very important that you do not expect your tenants to leave before the lease agreement is up. Wait for the agreement term to get over before putting your house up for sale.

Conclusion

There are several Legal Aspects of Selling a Home and you should adhere to all of those. It is not necessary that selling a house with a tenant has to be a head ache. It is important for you to be transparent, considerate and you also need to follow some do’s and don’t’s. This will help you to complete the entire process of selling the house seamless. You should remember that if you put in a little upfront effort, that can be a win win situation for all. To understand How to Sell a Luxury Home, you can get in touch with Grrow Management Company which is one of the best real estate companies in Gurgaon.