So you want to sell a house in Knoxville, but you are the landlord and there are still tenants living in the property. What are the steps you need to take? What does this process look like for you as the landlord and your tenants? We buy houses in Knoxville with current tenants and we are often asked if this is even possible!
If you’re a landlord in Tennessee wanting to evict some terrible tenants, it might be in your favor to know that tenants have a variety of legal protections. Tenants are entitled to a peaceful and unobtrusive environment. Since we know the ins-and-outs of selling homes here around the Knoxville and Chattanooga area, Shipwash properties has your back if you’re looking to sell your home to experienced investors that will protect you, and get you out of being a landlord to awful tenants!
Tips On Selling A House With Tenants
Landlords in Tennessee are obligated by law to defend the interests of their tenants. As a renter, you have the right to a tranquil and private home. Legally, the residence belongs to the renter after it has been rented. Only if the landlord gives the renter adequate notice and arrives at a time that is suitable for the tenant can the landlord enter the home to examine the premises or carry out necessary or agreed-upon repairs.
To put it another way, you can’t just walk in on the tenant without permission.
Provide Proper Notice
If you have a tenancy at will or a month-to-month lease, give the tenants the required time of notice (usually 30 or 60 days) to vacate the property. Then, you will have an empty house to get ready to sell. Pre-purchase inspections and walks-throughs are subject to a fair amount of notice for tenants.
Depending on whether the renter is month-to-month renter, or they have signed a lease, Tennessee laws have a different set of rules for each situation. If you have a month-to-month renter, it is a good idea to send them a letter of termination. There will be no arguments or miscommunication.
This can be negative if you are financially dependent on the rent payments for paying a mortgage or other bills. Some positives is that it can allow for updates/repairs on the house and can help with timing and closing for the sale of the property.
You Can Wait Till The End Of The Lease
If the lease is a fixed long-term lease and you want the tenants out before you begin the process of selling, your best option is to just wait out the lease. This could be a good option because sometimes tenants can lower the number of possible prospects especially if they are angry or upset about having to move. Another issue could be if the tenant is messy and a slob, this can have a negative impact for viewing!
Work With Your Tenants
Tenants can be a major help if they are happy to work with you and help keep the house ready for viewing. They can help stage the house especially since it will already be furnished and decorated. Some tenants might be ready to move on and out of the home. The situation really can depend on tenant to tenant. Sometimes offering incentives like helping with moving costs can make the tenant more amicable. Negotiate some kind of deal with the tenants. Maybe see about a possible sale of the property to the tenants who are already living there.
When selling a home, the most common stages are cleaning, marketing, staging, open houses, and daily showings. With a renter in place, it may be hard to sell the house on the open market.
Working With What You Have
One thing you need to make sure you are familiar with are the laws and regulations for selling your property while tenants are still living in it. Several states favor tenants over landlords when it comes to property law. It does still vary from state to state. So make sure you check with the state you are selling in or seek the advice of a licensed real estate attorney.
Make a plan for the rental and/ or possible eviction process! Make sure that you take time to think out a good, respectful way to tell your tenants you plan on selling the property. It will always be helpful to maintain a good, positive relationship with your tenants. This will allow for a nice, smooth process for selling the house and will make your life much easier.
Want To Sale Your House With Tenants?
Selling a house can be a stressful endeavor, and selling one that is occupied with tenants can be a challenge as well. That’s why we offer a stress free way of doing so! We have years of experience in buying homes that are currently occupied. If you are tired of the landlord business and want to sell your rental house fast, we would love to help! Our cash offers eliminate the need for banks and appraisers, which puts the closing time in your hands! Problems with difficult showings and uncooperative tenants can be avoided by selling directly to a cash buyer. Don’t just choose any cash-buyer in Tennessee, because no two are alike! Make sure to speak with the expert, experienced team at Shipwash properties!
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