can i sell my house that i have renters living in and paying rent?

Answer 1

If they have a shorthold tenancy agreement yopu can sell BUT you have pass them over as tennants to your purchaser. If they dont have an agreement you can ask them to leave but its not easy and you will need to get professional advice so that you do everything within the Law

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Answer 2

You definitely can - however a few caveats

1) The terms of your tenants lease agreement must be honored by the new owner - so if it is a longer termed lease (1-year)- basically the only potential buyers are investors. They will want to buy based on the income the home is producing - not it's "normal" valuation based on comparable owner-occupied home sales. Generally, a sale like this will normally be for less money than if it was for a buyer who wants to live in the house.

2) That said, if it is a shorter term lease (month-to-month) you can sell it for the owner-occupied market. You just give the tenants the 30-day notice while the transaction is in escrow. The buyer might have to wait a few days to take possession, while the tenant moves out and it is cleaned, etc, but not a big thing for most people.

3) You should inform your tenant you are selling, and under what conditions. If you have good relations with the tenant this goes much easier. Make sure you require brokers to give the tenant 24-hour notice to show the property. If they don't - it will likely irritate the tenants, and the tenants can do a lot of things to sabotage a potential sale.

Good luck

Answer 3

Yes, you can. The new owners take possession of the home subject to the tenents lease. Which means they'll get the rental payment for the time until the lease runs out and then they can decide to move in or renew the lease.

There are some challenges:

1) Arranging showings while the house is occupied by a 3rd party. Your tenants have the right to "quiet enjoyment". They aren't obligated to cooperate. And you probably didn't build into their lease.

2) You can't ensure the condition of the property. You'll have your renters stuff and their cleanliness and organizational.

3) You'll have to disclose both the rental income as well as your expenses. Buyers who are buying income property want to see this.

The easiest solution would be to see if your renters would like to purchase.

Answer 4

Certainly. The fact that you have a renter could mean either a blessing or a curse, though. If they have a lease, the contract they have with you follows the property. Meaning that they can continue living there under the same terms and conditions of your lease. If you aren't charging enough rent or if the buyer wants to use the property themselves could be a negative. However, if they are looking for investment property, it's nice not to have to find a tenant.

Answer 5

Yes, but you will have trouble selling it, since most buyers are buying a home to live in. You can try to buy the tenants out of the lease so that they'll move early.

Answer 6

Of course. Keep in mind that the new owner must honor any lease. Also keep in mind that you need to give your tenants at least 24 hours advance notice of every showing of the property.

Answer 7

Yes, only if the renters have a signed addenda with you that stipulates that you are in the process of selling the house. Usually month to month lease agreements work best in this case.

Answer 8

Yes, the new owners would be required to take over the lease, but would not be required to renew it.

Answer 9

Oh yes you certainly can!

Answer 10

yes you can