Selling Your House with Bad Tenants
Being a landlord can be a tricky business. Between midnight calls for repairs and late rent payments, the headaches can be endless. Sometimes the easiest thing for you to do is to sell the property and be rid of the tenants and the house in one deal. This may sound too good to be true, but it’s not and we can walk you through the steps to be rid of your bad tenants and your rental house altogether.
There can be several reasons why you no longer want to be a landlord and would like to sell your house.
- Destructive Tenants
- Constant Repairs
- HOA violations
- Rising taxes
- Declining neighborhood
- Late or no rent payments
Does this sound familiar?
Things to Consider Before Selling
You will need to notify the tenants prior to selling the house as well as when an agreement with a buyer has been reached. Make sure to communicate that their legal rights as tenants are not affected by your choice to sell.
If your tenants are on a fixed lease, you cannot ask them to leave because you are selling unless they break the terms of the lease. Learn more about eviction as an option below.
When tenants occupy the space you are looking to sell, you have less control over how it is presented to potential buyers. There could be lingering smells, an unkept lawn, or just general messiness that could scare off potential buyers.
Not all buyers want to purchase a house or property with tenants currently occupying it. The new owner takes on all responsibility for the existing tenants.
Where does this leave you?
Cash for Keys
This is a pretty common solution when a landlord wants to get rid of tenants. You offer to buy them out of their lease. This helps to avoid spiteful tenants and expedite the process. It is important to set a clear time-frame for move-out and only pay when the property has been vacated.
Sell Property to the Tenant
This could work with good tenants, but even then you run the risk that they don’t want to or they can’t afford to. If you have time for them to potentially figure out financing this is an option. However, if you need to sell your house fast this is not your best option.
Urban Dwell Homes buys houses for cash, as-is. Our goal is to make your life easier and help you get out from under this property that is causing you stress while making you a fair, cash offer. If you want to avoid all the time and delays associated with putting a house on the market, we can help by buying hassle-free and without the headaches of appraisals. We can also help you avoid dealing with loans and the typical homeowner requests for repairs. With Urban Dwell Homes you won’t pay any for realtor commissions, closing fees, or costly repairs. You can close fast and get your cash in as little as 7 days, or we can take our time and close when it is convenient for you. To get started, give us a call at 423-226-4560 or fill out our form for a free no obligation cash quote today!