Do you need to sell your house with tenants in Baltimore, Maryland? It can be tricky depending on the lease in place and the overall attitude of the tenants. Learn how to navigate those waters by reading this post.
Selling your house with tenants in Baltimore, Maryland can be easy as long as you’re transparent with your tenants. The first thing you should do is tell your tenants in writing your plans to sell the house. If your tenants want to stay in the house buy do not want to purchase, make sure to tell the potential buyer the tenant plans to stay in place. Obviously, that is a preference you wish to have but depending on the particular buyer, if it is a long term lease they must honor the lease. However, if it’s a month to month lease then there is flexibility from both the tenant and the new owner. If holding the property burdens you, find a buyer that can work with owners selling your house with tenants in Baltimore.
Tips to Sell Your House With Tenants in Baltimore, Maryland
Tenants Rights
Before you decide to sell your house with tenants in Baltimore, make sure you are familiar with the tenant’s rights. If you are asking them to vacate the property, make sure you are giving them the right amount of notice and are operating according to the law. You will need to have a termination clause in your lease allowing you to end the lease early. Selling your house with tenants in Baltimore can seem difficult. But if you adhere to the legalities and work with the right buyers, the process can be done quickly and without much disturbance to anyone’s lives.
Sell Directly
Selling your house directly will eliminate the need to clean, market, stage, and show the home. All of these can be difficult when there are tenants living in the house. In order to successfully sell your house directly, you will need to find the right buyers who are willing to take on a house with tenants. In fact, there are many investors who will see this as a perk. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
Offer Incentives
If you plan on listing the house with a Baltimore real estate agent you will either need to wait until the tenants have moved out or have their cooperation in showing the home. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place. Selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them.
Be Respectful
Remember, it might be your house, but it is currently your tenants home. They may feel a sense of attachment or worry about being uprooted after living in the home for a long time. While you may need to sell the house for your own personal reasons, try to be as respectful and accommodating to your tenants as possible. This will make things easier for them and for you as the home seller.
Sell To Your Tenants
Aside from you, there aren’t many people who know and love the house the same way you do. If your tenant has been there for a while, they will have likely developed an attachment not only to the house but to the community where they are living. If the house has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process talk to your tenants to see if there is any interest. The perfect buyer for your Baltimore house may be right under your nose!
Wait
If waiting is an option, consider holding off on the sale until the lease is up. Then, let your tenants know that they will need to relocate as you will be putting the house on the market. You can give them a heads up ahead of time, letting them know of your intentions. Helping with moving or as a reference can help soften the blow, especially with a long-term tenant. If the sale isn’t needed immediately and you want to spend the time and money on a listing, waiting until the house is vacant will be in your best interest.
Selling your house with tenants in Baltimore, Maryland can be challenging depending on your situation and if you have tenants from hell. However, when you seek advice, act thoughtfully and follow the law, it can be done. We would love to consult you and talk about your options!