Selling rental property differs from selling your own home. There are several considerations you must make, including your state's laws. If you are planning to sell a rental property, here is what you need to know:
What Impact Could State Laws Have?
When you want to sell a rental property, you must do more than getting an agent and listing the home. You must consider your local and state laws. Some states have laws in place that are designed to protect the tenants who are currently living in rental property.
For instance, some local and state laws state that a tenant has a right of first refusal. You are legally required to offer to sell the home to your tenant before you can place it on the market. If this law applies to your area, your sale could be delayed for a period while the tenant responds. The amount of time the tenant can respond is set by the law.
What If the Tenant Wants to Buy?
If the tenant wants to buy your home and can obtain funding, the situation can be a win-win for you. Not only are you getting rid of the home, but you did not have to go through the entire selling process. Unfortunately, not all tenants are able to secure funding.
When this happens, you can choose to proceed with listing the home for sale or you can try to work out a rent-to-own agreement with the tenant. If you choose this option, you would be agreeing to allow the tenant to live in the home and crediting part of his or her future rent payments towards the purchase of the home.
As with other legal arrangements, make sure the agreement is in writing.
How Can You Sell the Home Quickly?
Even if you do have tenants living in the home, you likely want to sell it as soon as possible. There are strategies you can use to make this happen.
For instance, you must be smart with the pricing of your home. If your price is too high, you could turn off potential buyers. If you are unsure of the right listing price, talk to a real estate agent.
You might also have to make small changes to the home to give it a more updated look. For instance, the addition of new fixtures and fresh paint can go a long way towards making a home look more modern. Contact a company like DumpYourHome.com for more information and assistance.Share