Can You Sell a House Under a Rental Agreement?
The numerous challenges listed above can really make any landlord ask this question. Of course, there is no law that prevents this action, but maneuvering your way around the difficulties can be enough of a deterrent. Fortunately, there are a few things you can do to make this process a lot easier.
Communicate With Your Tenants
The most important aspect of selling a house that is currently under a rental agreement is communication. Your tenants deserve to know that you want to sell your property since this might change their situation as well. You could offer them the first option to buy the house. This is called the Right of First Refusal, and this might go a long way to create the respect needed for a peaceful collaboration during the selling process.
Look for an Investor Buyer
Another thing you can do is find out if the tenant is happy to continue with their lease, and then let them know you will look for a buyer who wants to purchase the property as an investment. This means the tenant will not have to give up the place, but rather simply swaps one landlord for another.
Try to Help the Tenant Get Relocated
If you want to get the tenant out before you place the property on the market you can help the tenant to look for a new place. You may be able to find something that the tenant would be happy to take, and then you can put your own property on the market.
Offer Incentives in Exchange for Cooperation
If the tenant displays some resistance, soften this resistance by offering some incentives for their cooperation. For instance, the promise of a discounted rent if the place is kept in good showing order, as well as reasonable access to the property for showings might do the trick.
So, can you sell a house under a rental agreement? The answer is yes, but not without a bit of communication skills and a lot of effort.
Selling a Property With Tenants in It
Selling a Rental
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