Do you own an investment property in Fort Wayne that you’d like to sell? When other people are living in your house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your house with tenants in Fort Wayne!
As a landlord, there may come a day when you wish to sell your house. It’s your property, and you can sell it whenever you choose. Even if you have tenants. Sometimes it will not be an issue and you can let your tenants know. However, you also don’t want to risk losing your tenants and being stuck with a vacant house while your house is on the market. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we discuss common things that arise when you decide to sell your house with tenants in Fort Wayne.
The Lease Situation
The first way to sell your house with tenants In Fort Wayne is to evaluate the lease. What does your lease situation look like? A month to month lease will be fairly easy to end. Give the tenant a 30-60 day notice. In terms of a fixed-term lease, things are a bit different. If you want to sell mid-lease, you’ll either need to sell the property to buyer who will honor the lease, or give your tenant some sort of incentive to move out. Some leases contain early-termination clauses that would allow you to end the lease early in certain situations. Just remember, the tenant has rights too. Under the fair housing act, and if you violate those rights, you could find yourself penalized.
If You Have Difficult Tenants
The second way to sell your house with tenants In Fort Wayne is to think about the actual tenants. Are your tenants difficult? Have they violated their lease? If your tenant is in violation, you should be able to evict them without an issue. What if your tenant refuses to leave? Then we go back to tenants rights. The eviction process can become long and arduous. Most landlords try to avoid dealing with evictions at all costs. Sell your house directly, and avoid the eviction process all together. Many direct buyers will simply take over the lease and business will go on as usual. If the tenants are in violation of the lease, the new buyer can go through the eviction process as necessary. A direct sale will also help you avoid having to list, market, and show the property. Some tenants feel very inconvenienced when potential buyers want to view the property they are living in. By selling directly you can avoid any more tension between you and your difficult tenants.
Selling Directly
The third and last way to sell your house with tenants In Fort Wayne is to just sell it directly. There are many reasons why a direct sale is beneficial, as we’ve already listed above. Here are a few more:
- Investors are happy to take over a property that already has a tenant in place, especially when they are in good standing.
- They won’t have to spend time or money marketing the property, or advertising it. There will be no showing the property to potential tenants.
- They won’t have to bother screening tenants or running the background checks because those things have already been done.
- Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and won’t be bothered by the process.
If you want to sell a house with tenants in Fort Wayne, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.