Do you own a rental property in Myrtle Beach that you’d like to sell? Is it currently tenant occupied? This is a common situation real estate investors often find themselves in, and when other people are living in the house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your rental house with tenants in Myrtle Beach!
The odds are that if you own a rental property, a day will come when you are ready to sell it. Even if you have tenants, it is your property and you can sell it if you want. In some cases, you’ll be able to let your tenants know, and it won’t be an issue. However, you also don’t want to risk losing your tenants and being stuck with a vacant house while your house is on the market. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we discuss common things that arise when you decide to sell your house with tenants in Myrtle Beach.
This is the most important document that sets the rules between you and your tenant. So what type of lease do you have? If you have a month to month lease, ending it is fairly straightforward. You will need to provide a fair amount of notice to your tenant, typically 30-60 days. If you are in the middle of a fixed-term lease such as an annual lease, things are a bit different. If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease, or give your tenant some sort of incentive to move out. Most of the time, the lease transfers to the new owner and they have a legal obligation to honor it. If you’re lucky, your lease may contain an early-termination clause that would allow you to end the lease early in certain situations. Remember, the tenant has rights too under the fair housing act, and if you violate those rights, you could find yourself penalized.
If You Have Difficult Tenants
If your tenant has violated their lease, you should be able to evict them. That said, if your tenant is refusing to leave, the eviction process can become long, costly, and stressful. Most landlords try to avoid dealing with evictions at all costs. By selling your house with tenants directly, you’ll be able to avoid the eviction process yourself and be able to move on from the property with cash in hand. Many direct buyers will simply take over the lease and business will go on as usual. If the tenants are in violation of the lease, the buyer will go through the eviction process as necessary. Plus, a direct sale will help you avoid having to list, market, and show the property, things would likely cause even more tension between you and your difficult tenants.
There are many reasons why a direct sale is beneficial for people who need to sell their house with tenants in Myrtle Beach. Investors are happy to take over a property that already has a tenant in place, especially when they are in good standing. It saves them time and money advertising, marketing, and showing the property. They won’t have to bother screening tenants or running the background checks because those things have already been done. Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and won’t be bothered by the process.
If you want to sell a house with tenants in Myrtle Beach, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.
To get more information about how to sell your house with tenants in Myrtle Beach, send us a message or give us a call today!
In many situations, a cash offer can be made without even disturbing the tenants…