Selling your house can be a stressful and overwhelming experience. Even more daunting is selling it when you have renters in place!
Having a tenant rent your house is an ideal situation for most homeowners, that is, until you’re ready to sell the property. With leases and laws in place, selling your home with tenants can seem a bit taxing. Thankfully, it’s not as headache-inducing as you might think.
Below are five steps you can take when selling your house full of tenants in Salt Lake City.
- Refer to Your Lease
Before you talk to your tenants about selling your property, take a look at your lease agreement. Many leases have a clause in the fine print about what happens if the house sells. In most cases, if your lease has a sale clause, the renter has a window of time to vacate the home (often 30 days). Your renters may or may not be in a place where they can find new housing, so the sooner you can tell them, the better! - Ask Your Renters to Purchase
Many renters have the one-day goal to be a homeowner; this could be the case for your tenants. Before you list your home, notify your renters that you’re selling the property and ask them if they happen to be interested in purchasing it. If they’re long-term renters, they may have fallen in love with the property, the location, and the surrounding schools and neighbors. This is an ideal situation for many tenants because rarely do people have the opportunity to test out a house before buying one! - Wait it Out
If you have the time, the easiest, least complicated way to sell your renter-filled house is to let the lease expire and not renew it. At the end of the contract, you can always rent it out month-to-month if you need to cover your mortgage payment before the house has a chance to sell. Just make sure to communicate with your tenants and make it crystal clear that they’ll need to move out due to the property’s sale soon. - Pay the Tenants
A surprise request to vacate the property may be a financial burden to your renters. Entice them with a cash bonus or discounted rental rate to help them make their move or make up for the inconveniences caused by showings and moving. - List with Renters in the House
If your tenants can’t purchase the house or you’re unable to wait for an expired lease, you can list your house on the market with renters in place. Many investors are looking to purchase a home and rent it out, so having tenants already in the house might be an incentive to buyers.
Contact Utah Sell Now
Selling your house doesn’t have to be complicated; the best and easiest way to sell one with tenants is to sell it to Utah Sell Now. Avoid the hassles and headaches of property showings, dealing with upset renters, and the costs of traditional listings! If you live in Salt Lake City, Utah, or the surrounding area, we want to buy your house as-is for cash! Contact us to get your cash offer today!