Do you need to sell a house with tenants in the Twin Cities? The process isn’t always that easy depending on your lease and the tenants involved. Read on and learn more.
Ethically, selling a house in the Twin Cities occupied by tenants should involve making the transition as easy as possible. Inform them of your intentions and what they should expect. If they wish to stay in the home, look for a buyer who welcomes the idea of buying rental property that already includes tenants, who will honor the lease and allude to a seamless transition with no worries for the tenant. That said, it is business. If you are losing money or need to sell for other reasons, don’t hold on to the property longer than you have to.
Tenants Rights
Before you decide to sell your Twin Cities house with tenants, make sure you are familiar with the local tenant’s rights. If you are asking them to vacate the property, make sure you are giving them the right amount of notice and are operating according to the law. It’s necessary to have a termination clause in your lease allowing you to end the lease early. Selling a Twin Cities house occupied by tenants might seem difficult. But if you adhere to the legalities and work with the right buyers, the process can be quick and not bothersome to anyone’s lives.
Sell Directly
Selling your house directly will eliminate the need to clean, market, stage, and show the home. All of these can be difficult when there are tenants living in the house. In order to successfully sell your house directly, you will need to find the right buyers who are willing to take on a house with tenants. In fact, there are many investors who will see this as a perk. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
Offer Incentives
If you plan on listing the house with a Minneapolis real estate agent you will either need to wait until the tenants have moved out or have their cooperation in showing the home. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place. Selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them.
Be Respectful
Remember, it might be your house, but it is currently your tenants home. They may feel a sense of attachment or worry about being uprooted from their home. While you may need to sell the house for your own personal reasons, accommodating your tenants as much as possible will make things easier for them and for you as a home seller.
Sell To Your Tenants
Aside from you, who already might feel attached to the rental property you want to sell? Your tenant chose to live in this home, they have likely developed an attachment to the house, perhaps to the community where they are living and they may have just finished decorating so it’s exactly to their preference. If the house has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process, talk to your tenants to see if there is any interest. The perfect buyer for your Twin Cities house may be right under your nose!
Wait
If waiting is an option, consider holding off on the sale until the lease is up. Give proper notice to tenants that they will need to relocate because you’re planning to put the house on the market. Helping with moving or as a reference can help soften the blow, especially in situations with long-term tenants. If the sale isn’t needed immediately and you want to spend the time and money on a listing, waiting until the house is vacant will be in your best interest.
Selling with tenants can be challenging depending on your situation and who your tenants are. However, planning ahead, acting thoughtfully, and following rental statutes, it can be a good outcome. We would love to help you learn more about the options available to you!