Rental properties are a great way for landlords to make money from a continual income and through the growing value of the property itself. Managing rental property is hard work – and then what happens when the owner of the property wants to sell the house? Even more work is involved including repairs, renovations, and upgrades. While occupied rentals are preferable and provide a steady stream of income from the start, this can leave property owners vulnerable if they want to sell a home fast when it’s occupied. However, this hurdle can be easily overcome by owners wanting to sell a home as is through a cash home sale.
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 continue to try to sell the home.
Whether or not to sell the house at that point or risk the delays that are inherent with a regular property sale must be determined. The tenant will need to be notified if the property is sold and if they can remain there as a tenant. Some owners may decide to sell the home as is and not make any repairs. Whether or not the tenant can continue to occupy the property or must move to allow the new owner to make repairs will be determined when the sale is finalized.
How Does Selling A House As Is For Cash Work for Occupied Rentals?
A landlord looking to sell a home often wants it done as quickly and easily as possible, hopefully leaving the tenant in place during the sales process. Since making the tenant vacate the property ahead of time would stop all income, that is a less than ideal situation. Cash for houses offers greatly benefit the property owner in this kind of scenario.
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 home as is to real estate investors the best of all choices. 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 the house; here, income continues to flow to the owner right up to the time the sale was concluded. 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.
Any rental property owner who wants to sell a house fast should consider selling the house as is to real estate investors. It can be done quickly and conveniently, without the need of evicting tenants to allow for renovations, leaving them undisturbed as long as possible. To consider a cash sale of a home as is can be a profitable option for landlords who want to sell a house as quickly and conveniently as possible – and avoid long delays!