If you’re a homeowner in Tennessee who needs to sell your house with tenants, you should know you’re not alone. This is a complicated and sometimes troublesome situation that many homeowners find themselves in. In this blog post, we’ll give you some tips on how to sell your house with tenants in Tennessee. Keep reading for more information.
The Pros of Selling a House with Tenants
There are a few positives to selling a house with tenants:
- Since they do not have to find new tenants, buyers might be more interested in buying a home that is already rented.
- If the market is right, you can sell a property with renters for more money since buyers are willing to pay more for income-producing properties.
- It is possible to avoid the hassles of eviction by selling your house with tenants.
The Cons of Selling a House with Tenants
When you sell your property with tenants, you can also find a few shortcomings, including:
- There is a risk that buyers intending to live in the property will not be attracted to leasing.
- The sale process can be delayed if you have to work around your tenants’ schedules for showings.
- To make your house more appealing for sale, you may need to invest in repairs or modifications.
Determine If You Can Sell a House with Tenants
Review your lease agreement before selling your house with tenants to identify your tenants’ rights. You should also review Tennessee’s landlord-tenant laws to understand your rights and responsibilities as a landlord.
Tennessee’s Eviction Laws
Tenants in Tennessee can be evicted for a variety of reasons. Their written contract stipulates many of these factors. Every eviction begins with the landlord providing an official Notice to Quit to the tenant. A Notice to Quit will have a specific number of days associated with it, depending on the reason for the eviction. A notice must adhere to Tennessee’s Uniform Residential Landlord and Tenant Act.
No matter how the landlord wants to evict, they cannot do a self-help eviction, which is illegal and considered disorderly conduct. Tenant evictions in Tennessee are governed by the below basic rules and regulations.
Failure To Pay Rent
In Tennessee, rent is considered late five days after it is due. In this case, a tenant has a 5-day grace period in which to catch up on their rent. A landlord must provide a tenant with a 14-Day Notice to Pay before filing an eviction lawsuit for failing to pay rent.
The notice informs the renters they must leave the property or pay the rent within 14 days to avoid eviction. Renters who are being evicted for non-payment of rent can continue living in the rental premises if they pay the entire rent to the landlord in full before the 14-day period expires.
Tennessee landlords can evict tenants for lease violations. It is the landlord’s responsibility to provide the tenant with a written notice referred to as a 14-Day Notice to Comply that gives the tenant 14 days to pay the costs associated with repairing the lease violation.
However, a landlord is not required to allow a tenant to fix a violation if it is incurable by paying for repairs. In this case, the landlord must provide the tenant with a 14-Day Notice to Quit, giving the tenant 14 days to vacate the property.
Lease violations include:
- Rental unit damage
- Smoking in non-smoking areas
- Pretending to need a service animal
- The rental unit is overcrowded with people
- Keeping a pet in a pet-free rental unit or rental property
In the event that a tenant fails to pay for repairs and/or remains in the rental unit after the given notice period, the landlord may continue to file for eviction. A lawsuit for eviction will be filed against the tenant if they do not vacate.
Landlords in Tennessee must give tenants who engage in illegal activity a 3-Day Notice to Quit if they want them to move out of the rental property. Violent acts that threaten the health and safety of others within the rental property are examples of illegal activity. The landlord may continue to file an eviction lawsuit if the tenant remains on the rental premises after their notice period expires.
Health or Safety Violation
In Tennessee, health, building, and safety codes are taken into account. Rental units that violate housing codes or fail health and safety inspections must be given a 3-Day Notice to Quit, and the tenant must have 3 days to vacate. The landlord may continue filing an eviction lawsuit if the tenant does not vacate the rental unit within 3 days.
- Long-term retention of trash
- Electrical damage to a unit
- Ruining a unit’s plumbing fixtures
Is Eviction The Solution?
Eviction is a legal alternative when necessary, but it can also be a messy process. It is always a good idea to give your tenants notice before listing the property. This will allow them to find alternative accommodations and prevent future conflicts.
How to Sell a House with Tenants
Once you’ve determined that you can 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
You can sell your house to a home buyer as a third option. 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.
Best Practices to Sell a House with Tenants
Show the house according to your tenants’ schedules whenever possible. It will therefore be necessary to schedule a weekend or evening showing. In addition, tidy and clean the house before each showing. As a final note, pet owners should prevent their pets from entering the house during showings.
Sell My House With Tenants in Tennessee Quickly & Hassle-Free
Having tenants in a house can complicate and delay the sale. If you want to avoid any potential inconveniences, selling your house to a home buyer company might be the best option. At Favor Home Solutions, we offer fair cash offers and work with you through every step of the process so that you can sell your home quickly and easily. Forget about paying commissions or worrying about repairs- we buy your house as-is! Put money in your pocket in as little as 14 days- no hassle, just cash!