how can I offer my house for sale while is rented under contract?

Answer 1

Not a problem. Tell prospective buyer (after they love the place) that there is a rental contract in place which must be honored until lease expires.

This is done all the time, by realtors and private sellers.

Answer 2

You first of all have to give some notice to the tenants when doing a showing. Or you could mention to your tenant that you are putting your house up for sale and would like to give them first dibs on it. Or you could list it for sale and make the offer conditional upon inspection of the premises. Or you could wait until the contract expires and then notify the tenants that you will not be renewing their lease and then when the tenant leaves, clean up the place before you list it for sale. I have a buddy who has a house in which he rents out and to a large extent has had good success in renting.

Selling is a different matter altogether. Purchaser can't see past the cosmetics. Before listing the house, get the tenant out, clean it up, fix it up and then list the house. If you do it now, your tenants could very quickly become unco-operative, mad, not pay rent and not grant you any time to do an inspection for a showing and then you have an even bigger problem. I know of people that this has happened to and the tenant got away with not paying rent for 6 months! That's right 6 months of no income coming in and your stuck paying all the utilities plus the cost of legal fees, and repairs if any. There are some professional renters out there so be aware and cover your assets at all times!

I know this not the advice you were looking for, but that old saying, an ounce of prevention is worth a pound of cure. I have heard horror stories of professional renters and the hell they put the landlords through.

Spend some money and get some legal advice first and then get the advice of at least two independant Realtors from different firms.

Answer 3

Very easy. At the time the sales contract is signed, the Buyer initials the lease, acknowledging the fact the property is rented.

THEN at the time of closing/settlement/escrow, you turn over the security deposit and the lease. On the day of settlement/closing/escrow a letter is prepared and sent to the tenant with your signature AND the new owner's signature.

Also, at the time of closing/settlement/escrow, the lease is pro-rated on a per day basis for that month.

Of course, if you don't have a lease and/or if the tenant is behind in the rent, I STRONGLY suggest starting eviction proceedings against the tenant - ASAP!

Having a vacant property will make the deal A LOT "cleaner". By this I mean the Buyer won't have to deal with the situations you and your tenant created between yourselves.

Thanks for asking your Q! I enjoyed taking the time to answer it!

VTY,
Ron Berue
Yes, that is my real last name!

Answer 4

If your house is occupied by renters on a lease then you can sell it to someone that would like to have renters on a lease.

Showing the house would be a problem because the renters have no desire for a new landlord.

I would first offer to sell it to the renters, if they don't buy it then I would explain to them how I will market it to others thru a real estate company and how the appointments will be made.

I would offer a bonus to them amounting to one months rent when the house sale closes.

Answer 5

It depends on what is in the rental agreement. Some rental agreements have a first refusal clause (you cannot sell the property, unless you offer it to the tenant first and they pass). Others stipulate certain protections for the tenant in case the property is sold. Your actions should be determined by the contents of your contract.

Answer 6

You'll have to either wait for the renters to move out, or make them keep the house clean enough to show. This can be difficult, especially if the renters don't want to move out.

Perhaps you can set aside some time each week when the house can be shown, for example when the residents are at work.

Answer 7

Invite them over for coffee and convey your interest in paying for the living house. that's to their benefit to contemplate merchandising the living house to you. Why? that's the terrific reason of all of them. you're a capacity shopper, they desire to sell, so there is only no longer any 5-6% actual sources cost!!! If the home is properly worth $two hundred,000 as an occasion, then they're going to shop $10,000 to $12,000 in actual sources commissions. Who does no longer be happy approximately that? i may be ecstatic if I have been the owner. sure you will the two choose a actual sources expert to do the place of work work and that i quite propose you all have one. yet a sales cost? No way. You all artwork out the deal yourselves. additionally you reported they stay around the corner...properly...i anticipate you're a competent neighbor. greater effectual to sell to somebody who you comprehend who's a competent neighbor vs. merchandising to a stranger who could desire to no longer be. So, convey the cost decrease cost expenses simply by no actual sources cost and convey how reliable you're as pals. enable them to be certain in the event that they desire to sell and whilst.