Do you own an investment property in Connecticut that you’d like to sell? When other people are living in your house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your house with tenants in Connecticut!
As a landlord there may come a time when you decide to sell you rental property. Despite having tenants, you are still legally able to sell. Maybe you want to cash out with the equity you have in the property or maybe you are just tired dealing with tenants and being a landlord. Regardless of the reason you are obligated to let your tenants know. In some cases, you’ll be able to let your tenants know, and it won’t be an issue. However, you also don’t want to risk losing your tenants and being stuck with a vacant house while your house is on the market. Plus that would mean that you are not having any cash flow as you try to sell. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we discuss common things that arise when you decide to sell your house with tenants in Connecticut.
The Lease Situation
What does your lease situation look like? If you have a month to month lease, then that scenario would be fairly simple. Once the month is over you would be able to sell but you are still required to give your tenants enough notice, usually 30-60 days. If you have a fixed-term lease with your tenants, things are a bit different. If you want to sell mid-lease, one good option is to sell to an investor. Many investors will honor the current lease so nothing really changes for the tenants. Look to see if your lease contains an early-termination clause that would allow you to end the lease early in certain situations. Remember, the tenant has rights too under the fair housing act, and if you violate those rights, you could find yourself penalized.
If You Have Difficult Tenants
If your tenant has violated their lease, you should be able to evict them without an issue. That said, if your tenant is refusing to leave, the eviction process can become long and arduous. Most landlords try to avoid dealing with evictions at all costs. What’s one way to avoid dealing with the eviction process yourself? One good option is to sell your house directly to an investor cash buyer . Many direct buyers will simply take over the lease and business will go on as usual. If the tenants are in violation of the lease, simply let the buyer know and they will purchase the property factoring in the cost of having to deal with the eviction process themselves. Plus, a direct sale will help you avoid having to list, market, and show the property. Showing the property with difficult tenants can prove to be a problematic and stressful process as they may not be very compliant dealing with potential buyers walking through.
There are many reasons why a direct sale is beneficial for people who need to sell their house with tenants in Connecticut. Investors are typically very happy to purchase properties with existing tenants. This is especially true when the tenants are in good standing and have a history of paying rent on time. In these situations, buying tenanted properties saves investors time and money advertising, marketing, and showing the property. They won’t have to spend time and money on screening tenants or running the background checks because those things have already been done. All of that documentation can simply be handed over to the buyer for verification and record keeping. Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before and more than likely they will have a property management company do the dirty work.
If you want to sell a house with tenants in Connecticut, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.