The process of selling any type of property can be tricky, especially if you have tenants living there. Tenants can make or break a home sale, so you want to do everything right when dealing with them.
If you’re trying to sell a rental property in Fort Worth with a tenant, here are three steps to consider to make the process a breeze.
Understand Your Rental Agreement
The first step to selling a rental property in Fort Worth begins with determining the type of lease you have with your tenant. Leases are typically month-to-month or fixed-term contracts.
Evaluate Your Options
When you have a month-to-month lease, you can sell the house as long as you give your tenant a 30-day notice.
On the other hand, fixed-term leases require careful consideration before proceeding with the sale. Consider these three options.
Wait for the Lease to Expire or Evict
The easiest way to go about a fixed-term lease is to wait for it to expire. As a result, your tenant can move out comfortably, leaving your house empty and ready for repairs or staging. The process could, however, take months.
Alternatively, if you cannot wait, you can always consider terminating the lease if your tenant violates the lease terms. Property damage, illegal activity inside the property, and nonpayment of rent are valid reasons to evict your tenant.
Sell It as an Active Lease
Leases are typically transferred with leased properties when sold, making the new owners the landlords. As a result, this limits the number of potential buyers since someone would need to agree to the lease terms and continue to rent the property to the tenant.
Negotiate With Your Tenant
It is also possible to negotiate your tenant’s exit before the lease expires if you have a prospective buyer and need the house emptied soon. Giving them a moving allowance or a security deposit for their new house may encourage them to move out. If the tenant does not accept your offer, you will need to wait until the lease expires to proceed with the sale.
Ensure a Smooth Sale
Maintain clear communication with your tenant at all times to ensure a smooth sale. To avoid any legal repercussions, be sure you also understand your state’s lease laws and regulations regarding tenants and landlords.
Sell My House Fast in Fort Worth, TX
The process of selling a house can be tedious, and even more so when tenants are involved. With Favor Home Solutions, you can sell your house for cash without spending a penny more or worrying about dealing with your tenants. We buy houses in Dallas Fort Worth, TX, and our team will be happy to buy your house as-is within your preferred timeline so you can move forward with your life.
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