Tips for Selling Your Rental Home in Simpsonville if You Have Tenants

If you’re ready to execute your exit strategy on an income property as part of your original investment plan, or if circumstances have changed and it’s now in your best interest to sell instead of holding onto your rental property, you’ve come to the right place. In this article, we’ll provide you with the top tips for selling your rental home in Simpsonville, even if you have tenants.

No Commissions or Closing Costs

When it comes to selling your rental home in Simpsonville, it’s important to consider the emotions and rights of your tenants. For them, this isn’t just a business transaction – it’s their home. So, it’s crucial to approach the situation with sensitivity and respect.

Before notifying your tenants about the impending sale and change of ownership, familiarize yourself with their rights and the terms of the lease. Unless the lease allows for early termination, your tenants have the right to remain in the home until the end of the lease term.

This can be a complex situation, particularly if your potential buyer wants the property to be vacant. Mishandling your tenants in this process may lead to legal issues, which is something you want to avoid.

Buy-Out

Paying your tenants to sweeten a request to vacate the premises prior to the end of the lease is another tip for selling your rental home in Simpsonville if you have tenants. If you find yourself in a position that exiting the property prior to your originally planned exit date becomes necessary, you may be able to pay the tenants to leave. This benefits you firstly because when the tenants vacate, you can make any updates or repairs before showings, empty housing statistically sells much faster and you are alleviated of any risk of legal fees for breaking the lease early. Let’s face it, if your tenants would prefer the property not to sell and emotional at the prospect of losing their home, lack of cooperation could make the process difficult.

Rent To Own

Renting to own as an exit strategy makes for a longer period of time for a full exit, but may be well suited for those in a good financial position with reliable tenants. If you have built a good rapport over time, you could inquire as to any interest in a rent to own agreement, when you are selling your rental home in Simpsonville if you have tenants. Typically the tenants would become responsible for the property, as if it were already fully their own and the term is over a two-year period, to allow time for correcting any credit issues. A down payment is typically made and because you are working with them, you may be able to set a higher price. Regrettably, higher profits come along with higher risks. One of which is common to most rent to own agreements, the tenant may decide at the end of the term not to buy and walk away, extending your exit strategy for an unknown length of time.

Selling Your House Directly

Do you have tenants? Are you ready to stop being a landlord now without any hassle? Want to know the best tip for selling your rental home in Simpsonville? Sell to House Hub Real Estate Solutions! Why wait for months or even years? You can stop worrying about your property 24 hours a day and leave the hassles of collecting rent behind. House Hub Real Estate Solutions buys rental homes as is, so you’ll no longer be responsible for maintenance or repairs. House Hub Real Estate Solutions buys homes with tenants in them just for this reason. Why not make it easy on yourself and your tenants? Call House Hub Real Estate Solutions at 864-272-5400 or to learn more about how we can help you.