Selling a rental property isn’t always as clear-cut and easy as people need it to be. This is especially true when these units already have tenants living in them. Whether you’ve recently inherited and property and aren’t happy being an accidental landlord, or simply want to cash in on the equity you’ve built, it’s important to have a clear understanding of your rights as the building owner, and of the legal rights that your tenants possess as well. Following is everything that you need to know about selling rental property with tenants in San Antonio.
Read Through The Terms Of The Lease
Your ability to offload the property according to a time frame that works for you is determined by the nature and wording of your tenant’s lease. In most instances, tenants will either hold a month-to-month lease, or a long-term lease that ranges between six and 12 months. With month-to-month tenants, you can issue notice of your intention to sell your San Antonio house quickly, and can then give the tenants 30 to 60 days to vacate the property. Under Texas law, however, landlords with long-term tenants will need to let these individuals ride their leases out. You do, however, have the option of terminating the lease if your long-term tenants ever fail to remit their rent on time or if they violate any other of the lease terms.
Telling Month-To-Month Tenants That They Need To Vacate
A month-to-month lease is commonly referred to as a “no-cause” lease. This means that you can end their tenancy at any given time and without having to offer a cause as why you’ve done so. You will, however, have to give them at least 30 to 60 days from the date of notice to comply. This notice should be sent by certified mail or hand-delivered. It should state that the tenant should clear all of his or her possessions from the property by the established move-out date and that all sets of keys should be returned. If your tenants do not comply with your move-out request, you should start the eviction process right away. It is additionally important to note that you should not continue accepting rent from your tenants at this time.
Showing The Property With Tenants On-Site
If you’re lucky, the timing of your tenant’s lease and the timing of your sale will coordinate perfectly. There are even instances in which tenants are happy to help landlords show their properties. These individuals keep their units clean and are flexible when it comes to scheduling tours. This, however, is unfortunately quite rare. Many tenants are disheartened when learn that they have to find new homes. Moreover, many express their resentment by attempting to make this process as complicated as possible for building owners.
Letting Prospective Buyers Know About Your Tenants
When you’re in a rush to turn your unit over fast, you can start the listing process right away. Just make sure to include a note in your listing stating that the unit is still occupied and that it won’t be available for tours or open houses until a later date. You can still enhance your listing with photos of the property exterior and detailed descriptions of the included features and amenities. You should also discourage interested parties from showing up at the house to bother the tenants. Once the renter’s lease term is up, you can start working on cleaning, staging and otherwise preparing the unit for open houses and individual, scheduled viewings.
Things To Consider When You Need To Close Fast
It could be that you need the sale of your rental property to quickly come to a close. This is often the case for landlords who have not had much financial success in these endeavors and who are struggling with the costs of ownership. You might need to bring this deal to rapid end in order to avoid slipping into default with your lender. You may be anxious to sidestep another years of property taxes. No matter what your motivations may be, there are still a number of steps that you’re going to have to take once your tenants move out, and before the sale can go through. This is especially true if you will be selling in the traditional fashion and intend to work with buyers who will finance their purchases with conventional, mortgage loans.
Your rental property must be able to pass the often rigorous inspections that lending institutions require before approving funding. This means that in addition to cleaning and staging the home, you may need to make a number of improvements, replacements and repairs. As such, it may take an addition three to four weeks after your tenants move out, before the unit is actually ready for tours, offers, and inspections. This is why many San Antonio property owners who need to expedite these efforts choose to use short sale solutions instead.
How We Can Help
We are independently qualified investors in San Antonio, Texas who can make an all-cash offer on your home, no matter what condition it is in. We regularly work with with accidental landlords, landlords who are ready to retire, and homeowners who are ready to cash in on their equity. Because we don’t get our funding from traditional lending institutions, your home won’t have to undergo or pass any rigorous inspections. Moreover, you won’t have to invest in costly upgrades, improvements, replacements or repairs. When we purchase homes like yours, we are willing to take them in the very condition that they’re currently in.
We’ll make you a fast, fair and feasible offer on your property based upon local market data and other factors. You’ll have plenty of time to mull our offer over, but if you’re ready to close, we can bring this transaction to an end within just a matter of days. Ultimately, this process can move just as fast or slow as you need it to. Having tenants in your rental property shouldn’t sideline your plans to sell. We’re always willing and able to accommodate motivated sellers, no matter what challenges they may be facing.