Do you own an investment property in San Antonio that you’d like to sell? Or maybe you ended up with an unplanned rental property? When other people are living in your house, the selling process can become a bit more complicated. You need to learn what you can and can’t do, and what will make selling your house with tenants as easy as possible. Read through this post to learn more about how to sell your house with tenants in San Antonio!
As a landlord, there may come a day when you wish to sell your house. Even if you have tenants, it is your property and you can sell it if you would like to. In some cases, you just need to let your tenants know, and it won’t be an issue.
However, many people don’t want to risk losing their tenants and being stuck with a vacant house while your house is on the market or if it doesn’t sell. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we discuss common things that arise when you decide to sell your house with tenants in San Antonio.
Read The Lease
What does your lease say? If you have a month-to-month lease, ending the lease shouldn’t be too difficult. You will need to provide a fair amount of notice to your tenant, typically 30-60 days. A landlord can choose not to renew a lease just like a tenant can choose to move at the end of a lease.
If you are in the midst of a fixed-term lease, things are a bit different. If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease(the lease and the tenants stay with the house), or give your tenant some sort of incentive to move out. Some leases contain early-termination clauses that would allow you to end the lease early in certain situations. Remember, tenants have rights too, and if you violate those rights, you could quickly find yourself in hot water.
If You Have Difficult Tenants
If your tenant has violated their lease, you should be able to end the lease but you need to make sure you do it the right way. If ending the lease does not get your tenants to leave, you can then evict the tenants. That said, if your tenant is refusing to leave, the eviction process can become long and arduous. Most landlords try to avoid dealing with evictions at all costs.
By selling your house with tenants directly, you’ll be able to avoid the eviction process yourself and be able to move on from the property with cash in hand. Many direct buyers are also rental property owners and will simply take over the lease and business will go on as usual. If the tenants are in violation of the lease, the new buyer will be the one to go through the eviction process, saving you the headache. Plus, a direct sale will help you avoid having to list, market, and show the property, things would likely cause even more tension between you and your already difficult tenants.
There are many reasons why a direct sale is beneficial for people who need to sell their house with tenants in San Antonio. Many investors are happy to take over a property that already has a tenant in place, especially when they are in good standing. It saves them time and money advertising, marketing, and showing the property. They won’t have to bother screening tenants or running background checks because those things have already been done.
If there is a difficult tenant in the property, not as many investors will be willing to purchase the property especially if the tenant is not paying. Even if there is a difficult tenant living in the home, an experienced investor won’t shy away and won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and that experience will make them more comfortable with the process.
If you want to sell a house with tenants in San Antonio, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.