Rental properties are a great way for landlords to make money from a continual income. They can also be a great invest when the value of the property continues to grow. But, managing rental property is hard work. And selling usually means even more repairs, renovations, and upgrades. Of course, repairs are difficult to do when you have tenants, and when you don’t have tenants, you’re losing your income. That’s why many landlords find selling a house as is can often be their best option.
Can A Rental Property Be Sold While Occupied?
Yes, rental property can be sold when occupied by a tenant, although there are a few common rules to follow. For one, the tenant must be given the first chance to purchase the property; this is called right of first refusal. Only after the tenant refuses to buy the home and acknowledges that the property is for sale can the landlord sell the home.
At that point, you must decide if selling a house as is or risking the delays that are inherent with a regular property sale is the best option. A regular sale can be difficult if the home is occupied since it may be difficult to show, and the buyer might ask for repairs that require the tenant to move out. That’s why many landlords are interested in how to sell a house fast, and discover that selling to real estate cash buyers has many advantages such as letting the tenant stay in the home through the sale process and not having to worry about repairs.
How Does Selling A House As Is For Cash Work for Occupied Rentals?
Because rental homes are of more value when occupied, leaving a tenant in the property as long as possible is a landlord’s best option. This makes selling a house as is to real estate investors a great choice for several reasons:
- The tenant can stay as long as possible without having to live through repairs necessitated by putting the house on the regular market
- The owner doesn’t have to pay for costly repairs that would delay selling your house
- Income continues to flow to the owner right until the sale is complete.
This is the best case scenario any property owner looking to sell a home fast and hoping to avoid the time lost for repairs, showing, negotiating, and waiting that is customary in the retail property sales market. All the seller has to do is notify the tenant they are selling the property, and notify them when the property is sold. The new owner will take care of everything else.
I Want to Sell My House for Cash!
At Home Cash Guys, we buy houses in any condition in Bucks, Delaware, Montgomery, Philadelphia, Northampton, Lehigh, Berks and Chester Counties. Working with landlords who have tenants, we make the process fast and easy, and pride ourselves on giving you the best possible cash offer.