Do you own an investment property in Kansas City that you’d like to sell? It can be much more difficult to sell your home when another person is living in it. In our latest post, learn more about how to sell your house with tenants in Kansas City!
As a landlord and thus property owner, you may want to sell your home one day. Even if there are people living in the property currently, it is still your house and so you may want to sell it. Sometimes you can just let your tenant know, and it will be a pretty smooth process.
You do have to be careful though not to lose your tenant and have a vacant property for months while you wait to sell. Tenants do have rights though and you don’t want to violate those. Below, we discuss common things that arise when you decide to sell your house with tenants in Kansas City.
The Lease Situation
The first thing to check is what your lease looks like currently. Are you on a month-to-month lease? If so, you shouldn’t have too much trouble. You’ll still need to provide a fair amount of notice to your tenant, typically 30-60 days. It gets a bit more tricky if you’re in the middle of a long-term lease.
If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease, or give your tenant some sort of incentive to move out. Occasionally, the lease will have an early termination clause that addresses this situation. Early-termination clauses 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
Generally if your tenant is violating their lease and being a real pain, then you can simply evict them. But occasionally the tenant won’t leave which makes this process long and arduous. Most landlords try to avoid dealing with evictions at all costs. Selling the property with the tenants inside allows you to avoid this and get cash in your pocke quickly without the hassle. 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, we will go through the eviction process as normal. Plus, a direct sale will help you avoid having to list, market, and show the property. In a tense situation these things would likely cause even more tension between you and your difficult tenants.
There are many reasons to sell directly to a cash buyer in Kansas City. Investors are more than happy to take over a property with tenants, especially if the relationship is in good standing. It saves them time and money advertising, marketing, and showing the property. They won’t have to bother screening tenants or running the background checks because those things have already been done. Experienced investors will even pursue an eviction to remove a problem tenant. They have likely had to do it before, and won’t be bothered by the process.
If you want to sell a house with tenants in Kansas City, 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.