Many homeowners in Arizona are finding themselves in a unique situation: they need to sell their house, but they also have tenants living in the home. If this is your situation, you may be wondering how to go about selling your house with tenants in place. Luckily, there are several things you can do to make the process as smooth as possible for both you and your tenants. Here are a few tips to get you started.
The Benefits of Selling Your House with Tenants
Though selling your house with tenants can seem like a complicated process, there are actually a few benefits to it, including:
- Potential buyers may feel more inclined to buy a house with tenants as this means they won’t have to worry about finding new ones.
- A house with tenants can sell for a higher price as buyers get the added value of purchasing a home with a passive income.
- You can avoid the hassle and complication of evicting your current tenants if you can sell the house with them.
The Cons of Selling Your House with Tenants
Of course, there are also a few drawbacks to selling your house with tenants, which include:
- You may have difficulty finding a buyer who is willing to purchase a home with tenants.
- The sale process can take longer as you’ll need to work around your tenants’ schedules.
- You may need to make some repairs or updates to the home, resulting in more expenses to deal with.
How to Determine If You Can Sell Your House with Tenants
The first step to determining if you can sell your house with tenants is to review your lease agreement to confirm your tenant’s rights. If your lease agreement specifies that the tenant has the right to occupy the property for a specific amount of time, then you will not be able to sell until that timeframe is expired. However, if there is nothing specified in the agreement on whether or not the property can be sold, you may be able to proceed with the sale while complying with the landlord and tenant act.
Arizona Eviction Laws
Landlords can’t file for eviction unless there’s legal cause for doing so. The most common causes landlords resort to eviction include:
- Failure to pay rent
- Lease or rental agreement violations
- Situations that endanger health and safety
- Crime committed on the property
To terminate a tenancy early, landlords must give written notice to the tenant. Termination notice types depend on the reasons for termination. For example, failing to pay rent involves a five-day notice, while violations of the lease agreement require a 10-day notice.
Should You Evict?
Despite being legal, evictions are complicated and can get messy. Regardless of the circumstances, it is always a good idea to give your tenants notice before listing your property. By taking this step, they will be able to come up with alternative living arrangements and avoid future conflicts.
Ways to Sell a House with Tenants
There are several options if you’re selling your house with tenants. You can list the house on your own, work with a real estate agent, or sell the house to a cash home-buying company.
Listing on Your Own
One option is to list your house on your own. This can be a good option if you’re experienced in the real estate market and comfortable handling the sale yourself.
Working with an Agent
If you’re not experienced in selling property, working with a real estate agent can be another good option. Be sure to interview a few different agents to find one who has experience selling houses with tenants.
Selling to a Cash Home Buying Company
If you’re looking for a quick and easy sale, selling your house to a cash home buying company can be a viable alternative. This is often the best way to go if you’re facing a foreclosure or need to sell the house quickly and as-is to avoid further expenses.
What to Do Before You List Your House for Sale with Tenants
Before you list your house for sale with tenants in Arizona, there are a few things you need to do, including:
- Talking to your tenant – have a conversation with your tenants about your plans to sell the property. Be sure to let them know that they are not required to move out and that you will work around their schedule as much as possible. It’s also a good idea to give them a heads-up about potential showings and open houses so they can be prepared.
- Getting your house in order – This means taking care of any repairs or updates that need to be made. Remember, potential buyers will be looking at your house closely, so it’s essential to make a good impression. This also includes making sure all utility payments are up to date.
Favor Home Solutions: A Hassle-Free Alternative
Selling a house with tenants can rapidly become a complicated and extensive situation. Avoid any headaches by selling your home to a trusted home buyer company! At Favor Home Solutions, we provide competitive cash offers and work with you every step of the way so you can sell your house quickly and stress-free. Forget about paying commissions or dealing with repairs; we buy properties as-is!
