Do you need to sell your house with tenants in Phoenix? The process isn’t always that easy depending on your lease and tenants in place. Learn more about how to do it in our latest post.
Ethically, when selling your house with tenants in Phoenix, you’ll want to make the transition as easy as possible. Let them know of your intentions and what they should expect. If they wish to stay in the home, look for a buyer who will welcome the idea of buying a property occupied by tenants. Someone who will honor the existing lease and make the transition invisible to the tenant. That said, it is business. If you are losing money or need to sell for other reasons, don’t hold on to the property longer than you have to.
Before you decide to sell your house with tenants in Phoenix, make sure you are familiar with the tenant’s rights. If you are asking them to vacate the property, make sure you are giving them the right amount of notice and are operating according to the law. You will need to have a termination clause in your lease that will allow you to end the lease early. Selling your house with tenants in Phoenix can seem difficult. But if you adhere to the legalities and work with the appropriate buyers, the process can be done quickly and without much disturbance to anyone’s lives.
Selling your house directly to a cash buyer will eliminate the need to clean, market, stage, and show the home. All of these can be near impossible when there are tenants living in the house. In order to successfully sell your house directly, you will need to find the right buyers who are willing to take on a house with tenants. In fact, there are many investors who will see this as a perk. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
If you plan on listing the house with a Phoenix real estate agent, you will either need to wait until the tenants have moved out and the property is cleaned or have their cooperation in showing the home with the hope they will make it presentable to potential buyers. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. Another idea is to offer reduced rent as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place as selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction easier for them.
Remember, it might be your house, but it is currently your tenant’s home. They may feel attached or worried about being uprooted after living in the home for a long time. While you may need to sell the house for your own personal reasons, try to be as respectful and accommodating to your tenants as possible to help prevent added stress and drama. This will make things easier for them and for you as the home seller.
Sell To Your Tenants
Aside from you, there aren’t many people who know and love the house the same way you do. If your tenant has been there for a while, they will have likely developed an attachment not only to the house but to the community where they are living. This presents an easy option for you and the tenant! If the house has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process, be sure to talk to your tenants to see if there is any interest. The perfect buyer for your Phoenix house may be right under your nose!
If waiting is an option, consider holding off on the sale until the lease is up. Then, let your tenants know that they will need to relocate as you will be putting the house on the market. It would definitely be polite for you to give them a heads up ahead of time, letting them know of your intentions. Helping with moving or being a reference can help soften the blow, especially with a long-term tenant. If the sale isn’t needed immediately and you want to spend the time and money on a listing, waiting until the house is vacant will be in your best interest.
Selling your house with tenants in Phoenix can seem almost impossible depending on your situation and who your tenants are. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We would love to help you learn more about the options available to you!