Options When Selling Your Rental Property
It’s always important to understand all of your options when selling a rental property. What if you limited yourself to 2 options when there were 3 and the 3rd was the best for you? Don’t make it harder on yourself from the get go!
Selling Occupied With A Lease In Place | Selling a Vacant Rental | Wait For The Lease To Expire
Pay The Tenant To Vacate | Offer To Sell To Your Tenant
Understanding Your Options
Selling Occupied With A Lease In Place
This could be a viable option for many landlords that are ready to sell and don’t want to wait for the lease to expire. Typically, the buyer in this scenario will be someone like myself, DH Home Solutions. We are local investors and often times we buy houses in Dallas Fort Worth for long term investment purposes. So leaving the tenant in the house with the current lease is no problem!
Selling A Vacant Rental
This is probably the easiest option for most landlords. If the house is already vacated with no lease in place or tenant, you will have no problems showing it to potential buyers and selling it fast if you need to. My company loves vacant rentals and we continue to buy them all over the DFW Metroplex.
Wait For The Lease To Expire
This is a viable option for many as well, assuming you are not on a crunch for time. In this scenario you will continue to collect rent as long as the lease is in place. This also gives you time to develop a clear plan of action for when the lease expires. Always give your tenant plenty of notice of your plan, it’s just fair to them. No less than 30 days notice is reasonable.
Pay The Tenant To Vacate
If you need the tenant out of the house quick, this could be an option for you. Many times, negotiating with your tenant could work. Offering to cover moving costs, deposits on next residents, and just cash in general could entice them to get moving on faster, but you are also leaving yourself to maintaining it while it is vacant.
Offer To Sell It To Your Tenant
Sometimes selling a rental property to your tenant is a good option IF you have the right tenant. If you have a good standing tenant that pays on time every month and actually loves the house and takes care of it, and someone that is looking to buy in the near future…this could be a great option. If they can’t get traditional financing you can always work out a deal to owner finance the house to them until they can refinance with a mortgage. This has a lot of upside for everyone if you are in the position to do so.
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If you are selling a rental property, you have come to the right place. There are numerous reasons people want to sell their rental properties. Things are constantly changing in people’s lives and for some people that means it might be time to let go of an unwanted rental home. Remember, if you are in the area and ready to sell now, we buy houses in Dallas Fort Worth and surrounding areas fast, for cash. Please feel free to check out our website and get to know us better. We would love to buy your rental property whenever the time is right for you.