Do you need to “sell your house with tenants in Oak Cliff?” The process can be much more difficult than a typical sale. Then again, it may a very simple process, as long as you inform the tenants before hand. Also, some investors like paying cash for houses which di have tenants living there. That’s considered a Cash Flow purchase. Learn more about what to expect in our latest post from We Buy Houses Cash Dallas!
Maybe you own an investment property in Oak Cliff that isn’t making you money. Maybe you are tired of constant tenant turnover. Maybe you are tired of dealing with frustrating and disrespectful tenants, but you aren’t in the place to deal with the eviction process.
We have learned that, in some cases the tenant knows how to work the Municipal Court – Eviction process. If so, they will live in your house for free for up to six months, while fighting the eviction process.
There are a number of reasons why a homeowner would want to sell a house with tenants in Oak Cliff. As you can imagine, it may be difficult to convince your tenant that selling the house is a good idea. In order to get their support, you’ll want to let them know about everything going on, and making selling worth their while as well.
Offer An Incentive
If you opt to list the house with a Oak Cliff real estate agent, you will want the full cooperation of your tenant. By offering an incentive, you’ll hopefully be able to avoid any resentment your tenant may be harboring for selling the house out from under them. You have to remember, that while you own the property, it is still the place they call home.
When you need to sell your house with tenants in Oak Cliff, you should have made it clear to the tenant(s) that you may place the house up sale later in the year or coming year. Keep that conversation on going with your tenants so as not to expect any ugliness later down the line. Let your tenant(s) know the following…
..By offering to help them with moving costs, first months rent somewhere else, or a discount on the amount of rent they are paying you, you will hopefully be able to get them to help you facilitate the sale. You can also offer to help them find a new rental, providing an excellent reference as needed. Keep in mind, that asking them to clean and leave while the house is been shown is a lot. Make sure you compensate your tenants accordingly to make the process run smoothly.
When you are going to sell your house with tenants in Oak Cliff, if the house is going to be shown with a tenant still living there, offer to pay for a professional cleaning service so that the dirty work isn’t falling on them. You can also offer them movie tickets or a gift certificate to a restaurant so they have something to do while the property is being shown.
Wait Until The Lease Is Up
As a landlord who wants to sell a house with tenants in Oak Cliff, hiring a real estate agent may not be in your best interest, so just wait until the lease is up. Trying to coordinate repair work, property showings, and keeping the house in showing ready condition can be a lot for a landlord to ask of their tenant.
In many cases, landlords face backlash and even situations where the tenants disrupt a potential sale. It can be better for all parties if you are able to wait until the lease is up before deciding to sell the house in the traditional way. Again, had you kept the tenant(s) informed from the beginning.
Prior to you and your tenant(s) signing the rental contract, you should have mentioned the possible sale of the house and that you expect the tenant(s) to keep the house clean and orderly while you show the house to potential buyers. By adding that information to your rental contract, and then to sell your house with tenants in Oak Cliff, the tenants will or should understand and continue to keep your rent house cleaned and orderly, as well as being absent while you show the house.
Terminate The Lease
If your tenant has violated the lease in any way, you can evoke an early termination clause in the lease. You can then sell your house with tenants in Oak Cliff. Not that you want them to slip up, but if they have been consistently late on rent or have been a documented nuisance to the nearby neighbors, you may be able to end the lease sooner than planned. When drafting your rental agreement, make sure to include details on what exactly will merit an early termination of the agreement.
Sell Your House Directly
If you want to sell your house with tenants in Oak Cliff, the easiest way is by choosing a direct sale to We Buy Houses Cash Dallas. We will buy your house directly, whether you have tenants or not. Our process will let you get rid of the unwanted investment as quickly as possible while receiving a great price for the home.
In most cases, when you sell your house directly to We Buy Houses Cash Dallas, the lease will stay in place and your tenant will go undisturbed. We, as real estate investors consider the rental property with tenants a cash flow property, or turn key cash flow. The only change for them will be where to send the check each month. Yes, we will do our due diligence on the tenant, but we also assume that if you rented the house to these tenants, they should be okay. This all part of when you sell a house with tenants in Oak Cliff.
Find Out If Your Tenant Wants To Buy
When looking to sell your house with tenants in Oak Cliff, you may want to let them know about it first. They already live there, so no moving is involved. They have likely made the house their home and gotten accustomed to the neighborhood. If your tenants seem that they are happy to live there, they may want to buy the house themselves.
If financing is a problem and you don’t need the full amount for the property right away, owner financing can be an option if you own the property outright, at least until they are able to get the credit or cash they need for a traditional loan.
Seller financing can be a great thing in this situation. You sell the house with tenants in Oak Cliff, to the tenants. The tenant now becomes the owner and takes over the insurance bill, mortgage bill, repairs and maintenance cost etc.etc. That can be a winning situation for all involved.
Another big plus here is, if the new owner tenant becomes late paying your mortgage more than two months in a roll, you can then evict legally them and start the whole seller finance process again, or simply sell the house, which was you plan in the first place.
Understand The Tenants Rights
When trying to sell your house with a tenant in Oak Cliff, you’ll need to be aware of the rights of the tenants. So long as no violation has occurred, in most places, a tenant has the right to stay in the home until the lease is up, whether or not someone buys the home.
We can help you sell your house with tenants in Oak Cliff! Reach out to us today for more information! (214) 723-1304. Real estate is an idea which has great imagination and plenty of room for creativity. You owe it to yourself to contact us for help in any way. If you can’t figure it out, who are you going to call?