Do you need to sell your house with tenants in Missouri? If so, you may be wondering what the process entails and how it will affect you and your tenants. In this blog post, we will discuss the process of selling a house with tenants, as well as what you and your tenants can expect.
Additionally, we will discuss some things to keep in mind when selling your property with tenants to ensure you comply with the law. If you are considering selling a house with tenants in Missouri, keep reading!
The Pros of Selling a House with Tenants
There are a few benefits to selling a house with tenants.
An Appealing Offer
Buying a house with tenants already in place is convenient because the buyer does not need to find new tenants.
A Higher Sales Price
Renters can also increase a house’s value by providing an income stream.
An Alternative to the Eviction Process
It is possible to avoid eviction by selling the house with tenants.
The Cons of Selling a House with Tenants
When selling a property, tenants can also create a few complications.
A Longer Process
Many buyers find buying a house with tenants in place appealing, but others may become discouraged, making the sale more difficult.
A Potential for Additional Expenses
You will need to work around your tenant’s schedule if the house needs repairs or maintenance to make it more appealing to buyers.
Check If You Can Sell a House with Tenants
When you need to sell a house with tenants in Missouri, you should first check your lease agreement to make sure you comply with tenant rights. Unless you have a valid reason to evict your tenant, you should wait until the lease or rental agreement term is over before you expect them to leave.
Missouri’s Eviction Laws
Landlords must have valid legal grounds to evict tenants before their leases or rental agreements expire. Rent non-payment is the most common cause of eviction. Landlords may also evict tenants who violate leases or rental agreements or use the rental unit for illegal purposes. It is first necessary for the landlord to terminate the tenancy through a notice before evicting the tenant for one of the reasons listed above. Eviction notices will vary depending on the reason for eviction.
Demand for Rent
The landlord can issue a demand for rent if the tenant does not pay the rent on time. The landlord must inform the tenant that rent is due and that if it is not paid, the rental agreement will be terminated. In the event the tenant does not pay rent, the landlord can take the tenant to court for eviction.
Ten-Day Notice to Vacate
Occasionally, landlords can give tenants ten-day notices to vacate. As a result of this notice, the tenant has ten days to vacate, or the landlord will file an eviction lawsuit in court. Landlords are not required to give tenants any time to correct their behavior.
Tenants can be given a ten-day notice to vacate under the following circumstances:
- Violating their lease
- Engaging in activities that are illegal, such as gambling, prostitution, or possessing, selling, or distributing illegal drugs
- Assigning or subletting the rental unit without consent
- Damaging the rental unit or its surroundings
Is Eviction The Answer?
When necessary, eviction can be a legal alternative, but it can also be messy. In any case, it is a good idea to give your tenants notice before listing the property. This will allow them to find alternative accommodations and avoid conflict in the long run.
Furthermore, as a landlord, it’s also recommended to review Missouri’s landlord-tenant laws in order to understand your rights and obligations.
How to Sell a House with Tenants
There are three ways to sell a house with tenants: you can list yourself, hire an agent, or sell to a home buyer.
The first option is to list the property yourself. This option may be convenient for you if you are familiar with marketing, negotiating, and closing a home sale. As an added benefit, you will be able to save money by avoiding real estate commissions and fees. Your property can be advertised online, through flyers, or with a For Sale sign.
Hire an Agent
The second option is to hire a real estate agent. In case you are short on time or don’t have much experience negotiating home sales, this may be a good option for you. However, at the conclusion of the sale, the agent’s closing fee, usually 6%, is charged.
Sell to a Home Buyer
A third option is to sell your house to a home buyer. If you want to sell your house quickly and don’t want to spend more money on it, this method is ideal. All closing costs will be covered by the buyer, so you won’t have to spend more money to sell the home.
A Few Things to Note Before Listing Your House for Sale with Tenants
In the event that you are selling your property while tenants are still living there, you must notify them in advance. It is also a good idea to document your expectations in a letter. The more upfront you are with your tenants, the more likely they are to cooperate.
The letter should include the date, the tenant’s name, and the address of the property. In order to ensure that the tenant receives the right documents regarding the rental property, rental documents must contain identifying information.
As you prepare to sell the house, you should explain what happens next to the tenant. For example, when you plan to put the house on the market, if any showings are scheduled, or if anything needs to be done during the selling process.
Preparing the House for Sale
Once you’re ready to sell your house, there are two things you need to take care of:
Talk to Your Tenant
You should discuss selling your property with your tenants. Make sure they know they don’t need to move out and that you’ll work around their schedule. You should also inform them about potential showings and open houses, so they are prepared.
Prepare The House for Sale
This entails taking care of any repairs or upgrades that need to be made. It is very important to make a good first impression on potential buyers. Ensure that all utility payments are current as well.
Sell My House With Tenants Fast in Missouri
Having tenants in a house can make selling it stressful and time-consuming, especially if you’re struggling with landlord-tenant relations. When you work with Favor Home Solutions, you receive a fair cash offer for your house without spending an extra dime or worrying about dealing with your tenants. Our team is prepared to buy your house as-is, so you can put cash in your pocket and move on with your life. No hidden fees or commissions! Get started now!