If you have tenants living in your Iowa house but want to sell it, you might be wondering how the process works. Tenant-occupied houses are more difficult to sell than those without tenants, but they are not impossible. The purpose of this blog post is to explain how to sell a house in Iowa with tenants and what you can expect. Read on to learn more.
The Pros of Selling a House with Tenants
There are a few benefits to selling a house with tenants:
- An already rented home can be more appealing to buyers since they don’t have to worry about finding new tenants.
- If you sell a property with renters at the right time, you may be able to get more money for it since buyers are willing to pay more for income-producing properties.
- You can avoid the troubles of eviction by selling your house with tenants.
The Cons of Selling a House with Tenants
When you sell your property with tenants, there are also a few disadvantages, including:
- Tenanted properties may be unattractive to some buyers who intend to live in them.
- The sale process may be delayed if you have to work around your tenants’ schedules.
- Making your house more attractive may require investing in repairs or modifications.
How to Determine If You Can Sell a House with Tenants
Review your lease agreement before selling your house with tenants to determine your tenants’ rights. If the lease stipulates a time limit, you must wait until the term expires before selling the property. You should also review Iowa’s landlord-tenant laws to understand your rights and responsibilities as a landlord.
Iowa’s Eviction Laws
It is possible to file for eviction in Iowa for three primary reasons. The first is non-payment of rent, which means the tenant did not pay all the rent, is late on rent, or hasn’t paid rent for a while. In addition to not paying rent, you can evict them if they violate the terms of the rental agreement. One example is having a pet that is not allowed. Lastly, tenants may be evicted if the lease expires and they don’t vacate.
Regardless of the reason for eviction, the process is generally the same. There are, however, different time restrictions on how long a tenant has before the landlord can seek a court order evicting them.
Notice Timeframes
When tenants are late on rent payments, they are entitled to a three-day notice to pay rent or vacate. Likewise, when a lease agreement expires, notice must be given before starting eviction proceedings.
The amount of notice will depend on the length of tenancy:
- Week-to-week leases: 10 days’ notice to leave or face eviction
- Month-to-month leases: 30-day notice
- Yearlong leases or more: 30-day notice
How to Sell a House with Tenants
Once you’ve determined you want to proceed with selling a house with tenants, you have three ways to go about it. List the house yourself, hire an agent, or sell it for cash.
List It Yourself
Your first option is to sell the property on your own. This option may be suitable for you if you are comfortable handling a home sale’s marketing, negotiation, and closing. Since there are no commissions or fees to pay, you will also save money.
Hire an Agent
The second option involves hiring a real estate agent to take care of the sales process, paperwork, negotiations, and everything else. However, selling a home with a real estate agent usually involves paying an agent closing fee once the house is sold. It can also take months to find an interested buyer and for the sales process to complete.
Sell It for Cash
As a third option, you can sell your house to a home buyer. If you want to sell your home fast and don’t want to deal with showings or negotiations, this option is perfect for you. Home buyers provide a cash offer and buy your house as-is. This means you won’t need to make any repairs or maintenance to sell your home.
What to Do Prior to Listing a House for Sale with Tenants
There are a few key things you need to consider before listing a house for sale with tenants in Iowa:
- Make sure that there are no restrictions on the sale of your property in your lease agreement.
- Notifying your tenants in advance about showings or open houses is important.
- Ensure the house is in good shape before potential buyers visit.
Tips to Sell a House with Tenants
It is important to work around your tenants’ schedules when showing your home. Therefore, you’ll probably have to schedule a showing for the weekend or during the evening. It is also essential to keep the house clean and tidy before each showing. It is also a good idea for pet owners to keep their pets out of the house during showings.
Sell My House With Tenants in Iowa Without The Hassle
Selling a house with tenants can quickly become a tedious or time-consuming process, especially when dealing with troublesome tenants. 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. You won’t have to worry about paying hidden commissions or fees, cleaning, or repairing the house when you work with us. No hassle, just cash! Call now to get started!
