Selling a property with a tenant
We know that selling a house with sitting tenants is never going to be straightforward. We will help as best we can to resolve the issue and help you sell your property.
What is a sitting tenant?
A sitting tenant is someone who is renting a property at the time their owner decides to sell it. You can also meet the expression “tenant in situ”.
Types of rental situations
Before you sell a house with a tenant you have to take a look at the type of lease you have in place. Depending on the type of contract the tenant has, you will be able to sell your property with or without tenants.
If your tenant is renting on a month-to-month basis, it means that you can give your tenants written notice. After this month, make sure they have completely moved out of the property.
Termination clause in the lease
Check your rental agreement for a termination clause in case you want to sell your home. If there is a termination clause, you can terminate the contract on the basis.
The situation becomes complicated when your tenants have a fixed-term lease without an early termination clause. You can’t just end the contract. Moreover, sitting tenants have their rights that you must respect. As for you, you have less options and less flexibility.
Selling a rental property - your options
When you know that you cannot terminate the lease, you have several options about what you do with it:
You can wait for your tenants to move out or wait for the lease to expire. But, you have to wait to sell and there is no guarantee if and when it will happen.
Pay your tenant for moving out
Paying your tenant for moving out is an option. Depending on the situation, your tenants may or may not agree. It will definitely take some time to communicate. Plus, it will cost you money and can be expensive.
Sell to your tenant
You can try to sell your property to your sitting tenants. Unfortunately, as in the case of the above, you have no influence on the decision of your tenants. Also, you have no guarantee that your tenants will not withdraw. Additionally, even if your tenants decide to buy your property, you have no influence on their financial situation. You also don’t know how long it will take for them to arrange cash or credit
Sell with the tenancy
If you must sell the house fast. You have to sell it with tenants.
Can I sell a property with a tenant living in it?
Selling a property with sitting tenants may seem scary and impossible to achieve. But.. you can still sell it. It is clearly going to involve more effort than selling a house without tenants. But it doesn’t mean that it’s impossible to sell. What is more, we are here to help you.
Should I notify my tenant of the sale?
Tenants have the right to know about a property change in ownership. If you or someone in your family would be in this situation, you would like to know what will happen. So, you need to talk to your tenants before you put the property on the market!
Selling a house with tenants - Quick house sale
The traditional process of selling a home can be complicated and stressful especially with sitting tenants. Selling to property buyers can solve a lot of difficulties. First, you don’t have to worry about how to deal with sitting tenants and what to tell them. Second, it is a quick house sale, and that means you can sell your home at any time.
Benefits of selling your tenanted house to Sell House Quick Now:
- Quick house sale – Usually it takes around 7 days.
- We will explain the sale process and the transfer of ownership to your tenants.
- Your tenants are free to stay, so you don’t have to worry about failing to complete the contract.
- You don’t have to worry about sale process.
- You don’t have to worry about a smaller target market.
- You don’t have to pay any fees that the estate agent or auctioneer charges.
- You don’t have to repair the damage caused by the tenancy before selling the property.
- Guarantee of sale.