Yes we buy them! We buy houses with both good and bad tenants. Selling a house with tenants is a completely different type of transaction than selling a vacant house. Let’s take a look at the challenges and possible ways to overcome them.
When selling a vacant house the new owners have flexibility. They can move in at time of closing. They can put it up for rent on an annual basis or even set it up as a short term rental. They can live in it part time and live elsewhere the rest of the year. They have complete control when they close. This is by far the easiest type of sale.
When selling a house with tenants this can be more complicated. Do you have cooperative tenants or will they obstruct showings? Does your potential buyer want them as tenants, to find new tenants, or to move in?
In Florida, as in many other states, when a property is sold, the lease transfers with the property. The new owners inherit the current tenants in most instances. Some leases do have a cancellation clause allowing the owner to cancel the lease upon sale. Some tenants blindly sign the lease containing this clause and then are surprised when told they have to move.
Another option is to wait until the house is vacant to put it on the market. Some owners do not have the time for this option. Others are dealing with challenging tenants and just want the house sold yesterday. If you wanted it gone yesterday, contact us today.
Cash for keys. This is one option many landlords take when dealing with trouble tenants, or when they have a buyer wanting a vacant house at closing. I have seen cash for keys agreements made from a few hundred dollars up to a couple thousand dollars. How bad does the owner want the tenants out? How cooperative are they? What will it cost them to find a new place, put down a deposit, and cover any moving expenses? These variables may have an effect on the amount of money they are willing to accept to move.
Another option selling a house with tenants is to sell to your tenants. Often the challenge may be their ability to qualify for a mortgage. Most often they love the house, look at it as if it is their own, love the neighborhood, love the schools, etc. However, if they cannot get a mortgage and the seller is not willing to finance the house, they are not able to make the purchase.
If at first your tenants may be hesitant to allow showings, maybe a slight reduction in rent for their inconvenience will sway their minds. Some tenants may not be particularly difficult, but simply don’t want to be inconvenienced. What can you do, as a landlord to make showing the house a more attractive proposition to your tenants? Offer them a rent reduction.
Got tenants? Tired of being a landlord? Tired of dealing with difficult tenants? WE ARE BUYERS. We do not require a property to be vacant to purchase it. Please give us a call at 239-200-5600 or fill in the form and we are ready to help you.
www.swflcashforhomes.com
