Profile picture for meeganmitchell

Advice on selling a Primary home that renters currently occupy?

I own 2 houses currently occupied by renters through June 2010. Due to the current economic pains for investors, I think focusing the marketing to Primary buyers is the best move. Any advice on how to best do this while tenant occupied?
  • October 28 2009 - Downtown
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Answers (3)

Profile picture for sunnyview
I had good luck selling with renters by giving them a financial incentive to cooperate. For the promise of keeping the house in good showing condition and flexibility to show on days that were pre determined (like Mon, Wed, Fri Sat noon-3) with a call ahead by the showing agent, my tenants got the promise of $1000 upon move out. I told the tenants that I would give them as much notice as possible that would not be less than 30 days. 

They appreciated that they had something to gain for the inconvenience and I appreciated the fact that every agent the showed the house said that it was clean and well kept. Tenants get nothing but inconvenienced when a property is listed. Often this makes showings difficult to arrange and it means that the showings often present a messy house to buyers. Consider giving your tenants a reason to help you sell.
  • October 28 2009
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Profile picture for nealadler
It can be challenge to sell/market a property with tenants.  You have to balance the need to have access to your property and the need for privacy and convenience for your tenants.  What does your lease say?  When you are ready you might want to have a 'sit down' with your tenants and work out something that works for both of you.  Perhaps some financial incentive for the tenants in return for their cooperation.  I would contact an agent that specializes in tenant occupied properties.
  • October 28 2009
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Profile picture for ShannonFeol
Hi,

Does your lease have a clause about what happens if the property is sold?  Some leases may have an clause that gives the landlord the right to terminate the lease when the property is sold (with sufficient notice of course).  However, most standard leases do not include this.  You may want to check.

Have you asked your tenants if they are interested in buying the home?  If they were, you could talk with them about a potential lease-purchase.  Gives you the opportunity to sell you home, the tenants can work on improving their credit during the lease term, and then get a loan and cash you out.  It's something to consider in this market!

  • October 28 2009
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