Selling homes with tenants presents hurdles that must be addressed before the listing.
1. Tenants must be good tenants or you will have an issue showing a property.
I recently had 2 tenant property listings and the tenants were generally cooperative when a Realtor showed the property. The tenant is there and you cannot control what they say about a property.
If the tenant is upset about moving from the property they might not give positive feedback. They also might not be there to let the Realtor in? If a family member gets sick the day of the showing we all know they will cancel.
2. The lease is in effect and home buyers do not like that. They need a home and do not want to deal with the tenant or know what the home will look like after moveout.
The cost of rehab could be an issue for many homebuyers, and they generally do not want to deal with the updating.
3. Then you get income buyers who generally lowball and then ask for a bigger discount after their contractor inspects the property. These investors write a lot of contracts, hold a property for weeks and fail to close.
You can screen them all you want and they will tell you anything to get a contract signed.
I recently had an investor who said that would never happen with him. A contractor went through and he sent me a $35,000 reduction after we had already given this investor a sweet price.
This is something I rarely do. If we get a great price we hardly ever ask for money off after inspection. We use licensed inspectors that understand we are updating a property. I have a rehab price that covers almost every item that comes up in the inspection.
For example, I will replace an old heater and consider that cost before making an offer.
That is better for both parties: the seller and the buyer.
Having tenants in a property is not good for a sale. Getting them out creates more potential buyers and makes the seller more money!
Need to sell a home? I have buyers and know how to market any property that you need to sell. I have sold all properties ranging from $100,000 to $550,000.
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Contact Brett Young (216) 703-5740 Key Realty and Property Management
Mega Million Dollar Producer and Award-Winning Realtor; 1200+ Properties and counting
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Thank you