Do you need to sell your house with tenants in Georgia? If so, you might be wondering what the process entails and how it will affect you and your tenants. Throughout this post, we will discuss buyer and seller expectations as they relate to selling a house with tenants.
We’ll also discuss some things to keep in mind when deciding whether or not to sell a property with tenants. If you’re considering selling your Georgia house with tenants, keep reading!
The Pros of Selling a House with Tenants
There are a few advantages to selling a house that has tenants living in it.
An Appealing Offer
Since they won’t have to find new tenants, potential buyers can find it more attractive to purchase houses with tenants already in place.
A Higher Sales Price
Since a house with tenants comes with an income stream, it can be worth more than one without.
A Solution to Avoid the Eviction Process
When selling a property with tenants, you can avoid the inconvenience of evicting your current tenants.
The Cons of Selling a House with Tenants
There are also a few challenges associated with selling your property while it is occupied by tenants.
A Long Process
Renters in place can be attractive to some buyers, but they can also cause disenchantment to others, making it harder to sell the home.
A Chance for Additional Expenses
A house that has been damaged or needs a facelift may require repairs to make it more appealing to buyers.
Determine If You Can Sell a House with Tenants
Before selling your house with tenants, you should review your lease agreement to determine your tenants’ rights. When selling the property, you must adhere to the terms of the tenant’s lease if they have one.
As a landlord, it’s also a good idea to review Georgia’s landlord-tenant laws to be aware of your rights and obligations.
Georgia’s Eviction Laws
In Georgia, a landlord can terminate a tenancy early for legal reasons such as failing to pay rent or violating the terms of the lease/rental agreement. In the event that a tenant defaults on rent or breaches the lease or rental agreement, the landlord must give the tenant a notice, which is called a demand, asking for rent to be paid.
Georgia law, however, does not specify how long a landlord must wait before filing an eviction lawsuit. There could be as little as 24 hours or as much as 10 days for the tenant to comply with the notice. Tenants who do not adhere to the landlord’s demands may be evicted.
How to Sell a House with Tenants
When selling a house with tenants in Georgia, you have three options: to list yourself, hire an agent, or sell to a home buyer.
As a first option, you can list the house on your own. There are several ways to advertise, including posting flyers and putting up For Sale signs.
This option may be convenient for you if you are comfortable handling the marketing, negotiation, and closing of a home sale. Since you won’t have to pay commissions or fees to a real estate agent, you’ll also save money.
Hire an Agent
Your second option is to hire a real estate agent to sell your home. If you don’t have time to sell the house yourself or lack experience negotiating sales, this is an option you might consider. Agent closing fees, however, are charged when the sale is final. In most cases, the fee is 6% of the sale price.
Sell to a Home Buyer
There is also the option of selling the house to a home buyer. When you want to sell your home quickly but don’t want to spend a lot of money on it, this method is ideal. Selling your house to a home buyer means that closing costs will be covered, so you won’t have to spend more money.
Things to Keep in Mind Before Listing Your House for Sale with Tenants
It is important to notify tenants in advance if you intend to sell your property with them still living there. To clarify your expectations, you should document this in a letter with as much information as possible. Make sure to include the date, tenant’s name, and address of the property in the letter. Keep in mind that your tenants will be more cooperative if you are upfront with them.
The next step is to explain to the tenant what will happen as a result of the sale. It might be helpful to know when you plan to put the house on the market, if there are any showings scheduled, or if anything needs to be done while it is on the market.
Preparing the House for Sale
When you’re ready to sell your house, you need to take care of two things:
Talk to Your Tenant
Discuss your plans to sell the rental property with your tenants. Ensure that they know they don’t need to move out and that you will work around their schedules as much as possible. Additionally, inform them ahead of time about potential showings and open houses so that they are prepared.
Get The House in Order
If any repairs or updates need to be done, make sure they are taken care of. Your house’s first impression will be very important to potential buyers, so make sure it looks nice.
Sell My House Fast in Georgia
Tenants can complicate the sale of a house and add to its stress level. With Favor Home Solutions, you can get a fair cash offer for your house without spending an extra dime. Our team will buy your house as-is so that you can move forward with your life at your convenience. No hidden fees or commissions! Get started now!