Do you need to sell your house with tenants in Asheville? The process isn’t always that easy depending on your lease and tenants in place. Learn more about how to do it in our latest post.
When selling your house with tenants in Asheville, you’ll want to make the transition as easy as possible. Let them know of your intentions and what they should expect. It is not necessary but it is good practice to ask your tenants if they are interested in staying or if they want to move before you decide to sell the house. Disgruntled tenants do not make it easy to sell the house, they actually will create friction and sometimes go out of their way to miss up a sale. 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.
Before you decide to sell your house with tenants in Asheville, make sure you are familiar with the 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. You will need to have a termination clause in your lease allowing you to end the lease early. If you do not have a termination clause in your lease then you will need to honor the lease. Whoever buys your house in Asheville will need to honor the lease.
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.
If you plan on listing the house with an Asheville 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.
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 after living in the home for a long time. While you may need to sell the house for your own personal reasons, try to be as respectful and accommodating to your tenants as possible. This will make things easier for them and for you as the home seller.
Sell To Your Tenants
Aside from you, there aren’t many people who know and love the house the same way you do. If your tenant has been there for a while, they will have likely developed an attachment not only to the house but to the community where they are living. 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 Asheville house may be right under your nose!
Estoppel letters define the agreement between yourself as the landlord and your tenants. Estoppel letters become infinitely more important if you do not have a written lease in place. Without a written lease an estoppel letter will lay out the very basic terms that have been agreed upon. If there is a lease than an estoppel letter confirms that both parties agree that lease is in place and that there is no pending litigation between the tenant and the landlord.
If waiting is an option, consider holding off on the sale until the lease is up. Then, let your tenants know that they will need to relocate as you will be putting the house on the market. You can give them a heads up ahead of time, letting them know of your intentions. Helping with moving or as a reference can help soften the blow, especially with a long-term tenant. 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 your house with tenants in Asheville can be challenging depending on your situation and who your tenants are. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We would love to help you learn more about the options available to you!