Profile picture for user4047790

Selling a home with renters still living in it (Not on contract)

Hello everyone. I have a home that I am looking to get rid of that we don't fully own yet, but we still have a mortgage on it in Houston, TX. We are currently renting it out to someone but we are not on a contract with them and just month to month right now. How would we go about selling the house if they do not want to end up buying it?
What would be the proper procedures?

My situation is that my family can no longer afford the upkeep this and we need to get rid of this financial burden for now :( 
  • October 01 2013 - Houston
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

The Houston market is hot right now, and investment properties are in demand.  You should be able to sell the home quickly, even if your current tenants do not become your buyers.

There is a large real estate investment group in Houston, and its members are constantly looking to purchase residential investment properties.  I can't give you the information on the club through this post as it would be a violation of the rules, but if you would like to contact me directly I can give you their information.  

Best of luck to you!
  • October 02 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MoveWithKim
First thing, I would find out for sure if the renters do or do not want to buy it.  Assuming they do not, I would work with a local Realtor to get it listed on the market and in the MLS for sale.  I would be happy to walk you through this process and help you get it sold in the least amount of time for the most money.  Please contact me so we can discuss further and I can get the address from you so I can work on a market analysis to let you know what you can expect to get from your home.

Thanks!
  • October 02 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

How would we go about selling the house if they do not want to end up buying it?   I assume you mean you are still paying a mortgage on it. Several ways to go about it.
1- Ask the tenant if they may be interested in buying it.
2- If Tenant says NO to buying, ask if they will allow you to put home on the market and they will be willing to show as many times people want to go see it with a 24 to 48 hours notice and they would upkeep home, so it shows nice, perhaps an incentive to lower their monthly rent helps.
Reassuring  your tenants, that just in case you accept an offer on the home goes under contract, you would give them at least 30 day notice to vacate.
3-If tenants do not agree to show, nor buy, give them a 30 day notice to vacate. After they move (only if you can afford to pay the mortgage on it, without rent money coming in, then clean and give it to an aggressive Realtor to market and sell)
If you tell me what county you are in I can recommend a great agent for your home. 
  • October 03 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.