Do you need to sell your house with tenants in South Carolina? 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 South Carolina law. If you are considering selling a house with tenants in South Carolina, 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: Renting a house with tenants already in place saves time and money for the buyer.
- A Higher Sales Price: Renters can also add value to a house by providing an income.
- An Alternative to the Eviction Process: Selling the house with tenants can save you the hassle of eviction.
The Cons of Selling a House with Tenants
Selling a property with tenants can also pose a few complications.
- A Longer Process: Some buyers find buying a house with tenants in place appealing, but others may become discouraged, making the sale process more challenging.
- A Potential for Additional Expenses: Working around tenants’ schedules is necessary 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 South Carolina, you should first check your lease agreement to make sure you comply with tenant rights. Your tenant should not be evicted before the lease or rental agreement is over unless you have a valid legal reason for doing so.
South Carolina’s Eviction Laws
The following reasons may cause a landlord to evict a tenant and take possession of the rental unit:
Nonpayment of Rent
A landlord may terminate the rental agreement and initiate eviction proceedings if the rent is not paid within five days of the landlord’s written notice. It is only necessary for the landlord to send a written notice to the tenant once during the term of the lease if the rent is past due. A written rental agreement, or lease, does not require the landlord to give this notice if it states very clearly that no written notice will be given if rent is past due.
Breach of Rental Agreement Terms
In the event that the tenant fails to comply with any of the terms of the rental agreement, other than paying rent, the landlord may terminate the agreement and initiate eviction proceedings. An explanation of what the tenant did that violated the rental agreement must be provided in writing by the landlord. Eviction can begin after 14 days if the tenant does not comply with the terms of the rental agreement.
A rental agreement cannot be terminated if a compliance or remedy cannot be completed within 14 days, but is begun within that period and is completed in good faith within a reasonable amount of time.
Damage to The Rental Unit
When the tenant fails to maintain the dwelling unit properly and endangers health and safety, the landlord has the right to terminate the rental agreement and initiate eviction proceedings. It is the tenant’s responsibility to comply with the requirements as quickly as possible, in the event of an emergency.
After receiving a written notice from the landlord specifying what the tenant is doing wrong and requesting that the tenant fix the problems within 14 days, the tenant must comply within that time frame. A landlord may begin eviction proceedings if this is not done.
Is Eviction The Solution?
It can be legal to evict a person when necessary, but it can also be messy. Regardless of how you look at it, giving your tenants notice before listing the property is a good idea. 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 South Carolina’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.
Things to Keep in Mind Before Listing Your House for Sale with Tenants
Tenants must be notified in advance when 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
When you sell your property, let your tenants 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. A potential buyer’s first impression is very important. It is also important to keep all utility payments current.
Sell My House With Tenants Fast in South Carolina
When landlord-tenant relations are strained, tenants can complicate the process of selling a house. 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!