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Short answer – yes. Selling rental property with tenants in South Tampa is quite common and many landlords are faced with the decision to sell whether they like it or not.
At South Tampa Teardowns, we recently helped a property owner with a problem tenant who had failed to pay rent 6 out of the 7 months. The out of state owner was terrified to do an eviction, because her last tenant who had also failed to pay rent for an extended period of time, took all of the appliances from the home and did considerable damage.
We quickly paid a fair price for the land, and agreed to take the property with the tenant and handle any eviction so the current landlord didn’t have to worry about the situation any longer. You can hear more about this seller’s story in the video below.
If you are selling a rental property, especially one with a problem tenant, it can be a confusing procedure as your decision to sell affects one (or more) people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. Dealing with tax implications, or evictions, can be very stressful for a landlord. In this article, we’ll also look at tenants’ rights when selling rental property with tenants in South Tampa and how can a landlord show a house while occupied. So here’s how to sell a rental property with tenants in it.
I understand that not many can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in South Tampa is definitely possible – however, a clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:
This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.
You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.
In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested.
Depending on the state, these notices need to be sent out a month or two months in advance to give your tenant enough time to find a new home. If your tenant violated any parts of the rental contract, you can terminate their lease instantly.
Here’s how to handle house viewings while your tenants still live in the property:
Please note that your tenant is legally allowed to refuse viewings or visits for an agent if they do not agree with the times of the viewing. To avoid legal issues, you must respect their decisions and act accordingly. Unless you have a lease that specifically allows you to show the property with certain notice, a tenant has as many, if not more, rights as the landlord when it comes to selling rental property with tenants in South Tampa.
Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a landlord, you should always be clear on all tenant’s rights when selling rental property with tenants in South Tampa.
If the tenant refuses house viewings, you must arrange a time that’s best suitable for them. If they are refusing to communicate, you can take legal action.
If a tenant refuses to leave the premises, see the cash-to-keys method I mentioned earlier or try the eviction process. Your other option is to evict the tenant.
You are legally obliged to give notice to your tenant.
If the tenant doesn’t move out on the time of your notice you are allowed to seek possession order at the court.
When giving an eviction notice, bring a witness with you.
Consider taking it to court if everything else fails.
MY TIP: Communication is key. Make sure your tenant receives everything in writing and don’t promise what you can’t deliver. As much as you’d like to sell your house fast, make sure your tenant is happy and agrees to the decision. Selling rental property with tenants in South Tampa can become a headache if not done properly, and you have a tenant who is refusing to pay rent.
So, you’re selling a rental property? Why not sell it FAST to a South Tampa Home Builder? Our partners are happy to accept houses with tenants regardless of condition, and if you have an older, smaller home that needs repairs, it might be the best way to put the most money in your pocket.
You won’t have to worry about expenses relating to repairs, evictions, commissions or closing costs. We can get you a fair offer very quickly.
If you need to sell your South Tampa rental house fast and would like to get a no-obligation cash offer, call me at 813-784-4199, my name is Robert Wilson, I am an agent who works extensively with property owners like you and builders who buy South Tampa Teardowns.
Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.