Go Back To Article List
How can I sell my house while there is lanlord?
Tuesday, April 14, 2015
If you own a rental property, you may take time periodically to review the value of the property and to estimate when a good time would be to sell it for a profit. With current market conditions, you may have decided that you want to sell the property now for a great return on your investment. However, because it is a rental property, you may have a landlord managing it, and you may even have a tenant in the property. With this in mind, you may be asking how can I sell my house
under these conditions.Appeal to a Broad Market
One option to consider is to simply wait to sell your house until your tenant's lease has expired. When a tenant is in the property and a landlord is managing it, you are essentially positioning your home to be sold as an investment property. This limits your market to investors who are shopping for an investment property. It may be very appealing for an investor to take over ownership of a property that is already occupied and well-managed, but you are also cutting out the opportunity to sell it to those buyers looking for a primary residence.Position Your Property as an Investment
Another option to consider is to sell your home in its current state. It may be occupied by a tenant, or it may not be. Most leases have clauses that state that a tenant must allow tours through the property if the property owner decides to list the house for sale, so all parties may be legally required to comply with your attempt to sell the property. When your home is occupied by a tenant, you should position it to appeal to investors. You may need to provide operating statements to show potential investors how profitable your property is. These are buyers who are more interested in finding a property that makes financial sense for them and that has appeal to the renters' market.
As you can see, you do have some options available to you when you are trying to sell a property that is managed by a landlord. You may consider reviewing the terms of an existing lease and speaking with your property manager directly before making a final decision about how to proceed. This will give you more information so that you can make a decision. If you are asking how can I sell my house
with a landlord managing it, deciding between these two options is a first step to take.