If you’re currently facing a situation where you need to sell your house with tenants, you might be wondering how the process works and what to consider. In this blog, we’ll go over landlord expectations when selling a house with tenants in Ohio. Additionally, we’ll discuss some factors you should consider when selling a property with tenants. Read on to learn more.
Why Sell a House with Tenants?
While most people wouldn’t consider selling a house with tenants as their first option, sometimes there’s no other alternative if you need to sell the house as soon as possible.
The good news is that selling a house with tenants living in it has its benefits, including:
- It can make an attractive offer: Buyers might find it more appealing to buy houses that are already rented since they do not have to find new tenants.
- It can allow you to negotiate a higher sales price: Rental properties are usually more valuable since they generate income.
- It can be a solution to avoid eviction: Selling a property with tenants can spare you from having to evict them.
What to Consider When Selling a House with Tenants
Trying to sell a renter-occupied property can also present some challenges, including:
- It can extend the process: Having tenants can be attractive to some buyers but disenchant others, leading to an extended sales process.
- It can lead to additional costs & inconveniences: Homes that need a face-lift or are damaged may require repairs to appeal to buyers. In addition to spending more money, you will have to work around the schedule of your tenant.
How Do I Know If I Can Sell My House with Tenants?
It is important to review your lease agreement prior to selling a house with tenants to guarantee that you are complying with Ohio tenant rights. When selling the property, the terms of the lease must be followed.
Ohio law prohibits landlords from evicting tenants without probable cause. If the tenant complies with all rules, they can stay until the rental period ends.
Ohio Eviction Laws
There are several reasons a landlord can evict a tenant in Ohio, including nonpayment of rent or violation of the lease. Landlords must first give the tenant a notice asking them to vacate the rental unit before they can evict the tenant. An eviction action can be brought by the landlord against the tenant if the tenant does not move out.
Tenants are most often evicted for failing to pay rent or violating their leases or rental agreements. Additionally, tenants can be evicted for selling, manufacturing, or using illegal drugs inside the rental unit. An unconditional three-day notice to quit must be given by the landlord in all of these situations. A notice must inform the tenant that he or she has three days to leave the rental unit, or an eviction action will be filed against him or her. After three days, the landlord can file an eviction lawsuit if the tenant does not move out.
Tenant Removal Guidelines
Renters should never be forced out of their rental units by their landlords. An eviction lawsuit must be filed by the landlord if a tenant fails to leave after receiving written notice to move. Even if the landlord rightfully wins the lawsuit, only a sheriff or constable can evict the tenant.
Should You Evict?
Even though evictions are legal, they are messy. Regardless of the circumstances, it is always a good idea to give your tenants notice before listing your property. As a result of taking this step, they will be able to come up with alternative living arrangements and prevent future conflict.
Additionally, you should review Ohio’s landlord-tenant rights and obligations to better understand your responsibilities and rights as a landlord.
How to Sell a House with Tenants
Ohio homeowners can sell a house with tenants by themselves, by hiring an agent, or by selling directly to a home buyer.
- List It Yourself: The first alternative is to list the house yourself. If you’re comfortable marketing, negotiating, and closing a home sale, this option might be for you. Advertisements can be made via flyers or For Sale signs, among other methods. You’ll also save money since you won’t have to pay a realtor’s commission.
- Hire a Real Estate Agent: Another way is to hire a real estate agent. This option might be of interest to you if you lack the time or experience to sell the house on your own. There is, however, a closing fee charged by the agent after the sale has been completed. The cost is usually 6% of the sale price.
- Sell to a Home Buyer: As a third option, you can sell your house to a home buyer. The benefit of this method is that a house can be sold quickly without spending more money on it. Additionally, closing costs are covered when you sell to a home buyer, so it’s more cost-effective for you.
Things to Consider Before Listing Your House for Sale with Tenants
When you are planning to sell your property while tenants are still living there, it is important to notify them in advance. To clarify your expectations, it is also crucial to provide as much information as possible in an official letter. In your letter, make sure you include the name, address, and date of the tenant. Being upfront with your tenants will make them more cooperative.
Afterward, the tenant must be informed of what will happen. It might be helpful for your tenant to know when the house will go on the market or if there are any other steps they should take.
How to Prepare the House for Sale
When you are ready to sell your house, you need to take care of two things:
- Communicate With Your Tenant: Discuss selling your rental property with your tenants. Ensure that they know there is no need for them to move out and that you will accommodate their schedules. Make sure they are aware of any potential showings or open houses ahead of time.
- Ensure Your Home is in Order: Assess whether any repairs or upgrades are needed on the home. You should ensure that your house looks great if you want to sell it quickly.
Sell My House With Tenants Fast in Ohio
Selling a house can be a dreadful process, and even more so when tenants are involved. With Favor Home Solutions, your house can be sold for cash without spending a dime more and without worrying about working around your tenant’s schedule to get it done. Our team will buy your house as-is within your preferred timeline so you can move forward with your life. No hidden fees or commissions- Just cash! Get started now!