Is it time to sell your rental property in McCall, but you’re not sure how to deal with the current tenants? If you are a landlord in McCall, you may discover that selling your currently occupied home is not as straightforward as a traditional sale. It’s important to know what a tenant’s rights are, and how best to handle the transition. Here’s a rundown of what you may need to consider.
The Type Of Lease Your Tenant Signed
If your tenant is on a month-to-month lease in McCall, check Idaho State Law to determine how much notice you need to give them to vacate. Typically it is 30 to 60 days. Next, send a written letter to your tenant residing at the property advising them of your intent to sell and the date their lease will end.
Conversely, if your tenant signed a fixed-term lease for the property in McCall, you are obligated to let them live out the term of the lease. The lease can only be terminated early if it is stipulated in writing, or if the tenant has violated any terms of the lease.
Showing The Property In McCall
If you have a difficult tenant, it may not be in your best interest to show the property while it is still occupied. An unhappy tenant likely won’t do you any favors, least of all getting the home clean and ready for a showing. If your home doesn’t look its best to potential buyers, it could impact the number and quality of the offers you receive.
On the other hand, if you have an agreeable tenant, you may be able to work out a situation where you can show the property in McCall while it’s occupied. It’s easier for potential buyers to imagine themselves living in a home that is occupied, as opposed to one that is vacant. Be aware that you need to give proper notice to your tenant before you, an agent or potential buyers stop by. This is typically at least 24 hours.
Selling To An Investor
If you’re interested in selling your property in McCall before your tenant vacates, you might consider selling to an investor. In most cases, investors will be thrilled to know that the unit is already rented and occupied. The new owner is obligated to honor the current tenant’s lease, so you won’t have to worry about kicking anyone to the curb.
Selling To The Tenant
If your tenant is quite happy living in the home, it’s possible that they would be interested in buying it. This can be a win-win situation for everyone. But what happens if your tenant doesn’t qualify for a mortgage? In that instance, you could offer seller financing, where the new owner makes payments to you instead of the bank.
When All Else Fails…
If you find yourself in a position where your hands are tied, you do have other options. First, you can offer a discount on rent to get your tenant to cooperate about showings. A little break on their monthly expenses might encourage them to be amenable to interruptions and to keep the home clean. Second, you can offer to pay your current tenant to leave by essentially buying them out of their lease. You can also offer to pay their moving costs or security deposit at their next place.
How Can We Help?
Our agents at McCall Real Estate Company frequently work with clients looking to sell their home that is currently occupied with tenants. All agents are highly experienced in working with sellers and tenants together to ensure the home is presentable and available to show to potential buyers. We also have excellent lender contacts that can help advise sellers in different financial situations. Stop in or Contact Us today to talk with one of our exemplary agents if you are looking to sell your rental home. We look forward to serving you!