Do you need to sell your house with tenants in Oklahoma? If so, you may be curious as to what the process entails and how it will affect you and your tenants. In this blog post, we will cover the steps involved in selling a house with tenants, as well as the expectations both you and your tenants should have.
Additionally, you will learn about some things you need to consider when selling your property with tenants in order to comply with the law. If you are considering selling a house with tenants in Oklahoma, keep reading!
The Pros of Selling a House with Tenants
There are a couple of benefits to selling a house with tenants.
- A Good Offer: A house that already has tenants in place allows the buyer to save time and money on the renting process.
- A Higher Sales Price: Renters can also increase a house’s value by providing an income stream.
- An Alternative to the Eviction Process: You can avoid the hassle and inconvenience of eviction by selling the house with tenants.
The Cons of Selling a House with Tenants
Selling a property with tenants can also pose a few complications.
- A Longer Process: There are many buyers who find buying a house with tenants in place appealing, but others may become discouraged, making the sales process more difficult.
- A Potential for Additional Expenses: If the house needs repair or maintenance to make it more attractive to buyers, you’ll need to work around the tenants’ schedules.
Check If You Can Sell a House with Tenants
When you need to sell a house with tenants in Oklahoma, you should first check your lease agreement to make sure you comply with tenant rights. You should not evict your tenant until the lease or rental agreement term is over unless you have a valid reason.
Oklahoma’s Eviction Laws
In order to evict someone, the first step is to terminate the lease or rental agreement. It is only legal for landlords to do this if they have a legal reason to do so. Oklahoma law defines legal cause as unpaid rent, lease violations, or criminal activity. In order to terminate a tenancy for one of these reasons, the landlord must give the tenant notice. Eviction notices vary depending on the reason for eviction.
Five-Day Notice to Pay Rent
Tenants who fail to pay rent on time can receive a five-day notice to pay rent from the landlord. The landlord must inform the tenant that they have five days to pay rent, or the lease or rental agreement will be terminated. A landlord can proceed with an eviction lawsuit against their tenant if they fail to pay rent within five days.
Fifteen-Day Notice to Remedy
In the event that the tenant violates the lease or rental agreement, the landlord can issue a 15-day notice to the tenant to remedy the situation. As part of this notice, the landlord must inform the tenant that the lease or rental agreement will be terminated in 15 days if the violation is not resolved within ten days. In the event that either the landlord or the tenant solves the problem within the ten-day period, the landlord cannot proceed with the eviction. At the end of 15 days, if the violation has not been corrected, the landlord can file an eviction lawsuit against the tenant.
Immediate Termination
In the following situations, the landlord can terminate the lease or rental agreement without notice and proceed directly to court to evict the tenant:
- If the tenant causes or threatens to cause damage to the rental unit or to another person on the property.
- If a tenant commits any criminal activity that threatens the safety, health, or enjoyment of other tenants on the property.
- If the tenant engages in illegal drug-related activities on the rental property.
Is Eviction The Solution?
Eviction can be a legal alternative when necessary, but it can also be messy. Any way you look at it, it is a good idea to give your tenants notice before listing the property. By doing this, they will be able to find alternative accommodations and prevent conflict in the future.
Furthermore, as a landlord, it’s also recommended to review Oklahoma’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.
List Yourself
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.
Things to Keep in Mind Before Listing Your House for Sale with Tenants
Tenants must be notified in advance if you are selling the property while they are still living there. It is also a good idea to document your expectations in a letter. You are more likely to get cooperation from your tenants if you are upfront with them.
The letter should include the date, the tenant’s name, and the address of the property. It is important that the rental documents contain identifying information so that the tenant receives the appropriate documents.
In preparation for selling the house, explain to the tenants what will happen next. 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.
How to Prepare 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
Talk to your tenants about selling your property and let them know they don’t have to move out and that you will work with their schedules. Keeping them informed about potential showings and open houses is also a good idea.
Prepare The House for Sale
This entails taking care of any repairs or upgrades that need to be made. First impressions are very important for potential buyers. Keeping all utility payments current is also important.
Sell My House With Tenants Fast in Oklahoma
Tenants can complicate the process of selling a house, especially if landlord-tenant relations are strained. When you work with Favor Home Solutions, you receive a fair cash offer for your house without spending an extra dime or squabbling 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!
