 What to do (by RoyT [NJ]) Feb 22, 2019 11:33 AM
 What to do (by S i d [MO]) Feb 22, 2019 11:58 AM
What to do (by LindaJ [NY]) Feb 22, 2019 12:56 PM
What to do (by Robert J [CA]) Feb 22, 2019 1:26 PM
What to do (by MJ [PA]) Feb 22, 2019 5:11 PM
What to do (by BRAD 20,000 [IN]) Feb 22, 2019 8:15 PM
What to do (by Roy [NJ]) Feb 22, 2019 9:02 PM
What to do (by myob [GA]) Feb 23, 2019 4:06 AM
What to do (by Robin [WI]) Feb 23, 2019 6:00 AM
What to do (by JB [OR]) Feb 23, 2019 10:42 AM
What to do (by RoyT [NJ]) Posted on: Feb 22, 2019 11:33 AM
Message:
I've got a good tenant at my rental house for about 6 months (on a year lease), but now I'd like to sell my house. How should I handle it?
I'd really like to put it on the market soon to sell it in the spring. My tenants are pretty well off, and they told me recently they are interested in buying a house (not mine) of their own. I'm wondering how can I work this to both our advantage?
Any thoughts? Thanks! Roy
--68.194.xxx.xx |
What to do (by S i d [MO]) Posted on: Feb 22, 2019 11:58 AM
Message:
Hi RoyT!
First, I'm not familiar with NJ law, so take these thoughts with that in mind...
Generally, a lease "goes with the building". So whomever you sell this house to will inherit the tenants and the remainder of the lease obligation. Once the lease is over, the new owner may renew it or let it expire and the tenants will have to move or be evicted.
If you would prefer to have the house empty to sell, the tenants will have to agree to move. You could simply ask them first if they'd like to be let out of the lease early. If they want to buy a different house and are ready, they may be happy to leave without being responsible for finding you a new tenant.
If they don't offer to move, you can offer them "cash for keys" to move out early. Expect to pay at least 2 month's rent plus moving costs. This might not make sense financially since they'll already be around 7-8 months into their lease by the time you list it for sale.
--173.20.xxx.xxx |
What to do (by LindaJ [NY]) Posted on: Feb 22, 2019 12:56 PM
Message:
Here a single family house is mostly bought to owner occupy. And tenants rarely allow for good showing of the house. So it may be in your best interest to "let" them move soon. If purchase is on their mind, they may be happy to have you allow them to move out without any extra cost. Otherwise they have a right to stay there until the end of the lease and the lease goes with the house. UNLESS you can come to an agreement with them. So go talk to them about maybe moving up their plans and helping you too. --108.4.xxx.xx |
What to do (by Robert J [CA]) Posted on: Feb 22, 2019 1:26 PM
Message:
When ever I've rented a home that I may sell in the near future, I give the applicants a "heads up". I also put in the lease a clause. The tenants will allow showings with 24 hours notice. And if the property is sold before the year lease is up, owner will compensate tenants up to $2,000 to cover the cost of moving.
This way, there are no surprises.
One time a tenant refused to cooperate with showings and I couldn't sell the home. So I had an Brokers BPO of the value when I wanted to sell it and the value when thee tenant moved at the end of the lease. This way I had a paper loss I deducted and the tenant got no deposit back. --47.156.xx.xx |
What to do (by MJ [PA]) Posted on: Feb 22, 2019 5:11 PM
Message:
All properties sell better when they are vacant. Get your house vacant and prepare it for a sale. With a clean and livable condition,good marketing and proper pricing it will sell fast. It is a seller's market and inventory is low all over the country. In the north east, houses sell mostly in the spring and early summer so time the move out and list it accordingly. --76.125.xxx.xxx |
What to do (by BRAD 20,000 [IN]) Posted on: Feb 22, 2019 8:15 PM
Message:
RoyT,
Talk to them. They might be anxious to get out. Perhaps already made an offer on a home.
Check your laws. I MY state I can end the annual lease with a 30 day written notice.
Everything is negotiable if both parties to agree.
These situations usually work out IF you TALK to them.
BRAD --73.102.xxx.xxx |
What to do (by Roy [NJ]) Posted on: Feb 22, 2019 9:02 PM
Message:
Thanks for all the info and shared experience! --73.178.xx.xx |
What to do (by myob [GA]) Posted on: Feb 23, 2019 4:06 AM
Message:
Roy NJ stick to your lease end date. Fact is and I'm sure you don't want to hear this you should have known 6 months ago what you intended on doing with the property. I say stick to what you agreed to.
Roy if I were your tenants I would make it next to impossible to sell while there in there. Due to the move factor and cost of. --99.103.xxx.xxx |
What to do (by Robin [WI]) Posted on: Feb 23, 2019 6:00 AM
Message:
It really depends on your tenants whether you try to sell it vacant or not. I have a house I'm considering selling, and when I took my "stager" with me for ideas on how to prep the house, she had nothing but compliments for what the tenant had done. I'll probably hire someone to do some deep-cleaning (cabinet fronts, grout), but in essence the tenant has staged it for me.
If you have that kind of tenant, you could mutually agree to convert your lease to MTM. You can sell it as, "That way if you find a home you can leave without penalty."
The reality, though, is that you'll probably find a buyer before they find a home, and you'll have to encourage them to leave. --204.210.xxx.xxx |
What to do (by JB [OR]) Posted on: Feb 23, 2019 10:42 AM
Message:
You signed a one year lease. Your tenant agreed to it. If I was your tenant I would not be happy with you. Six months into your agreement you want to break it...
Unless you get really lucky and tenant is ready to go you would really have to make me a sweet deal to get me out early. I agree with myob, "you should have known 6 months ago what you intended on doing with the property." --24.20.xxx.xxx |
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