Do you need to sell your house with tenants in Portland? The process can be challenging depending on your lease and tenants in place. Here we break down the best way to sell your house fast.
Once you decide you are going to sell your occupied house in Portland, you’ll want to make the transition as easy as possible for your tenants. Being up front with your plans for the property and communicating can go a long way in making things go smooth. If they would like to stay in the home, you can look for a buyer who is open to continuing their lease. That said, real estate is a business. If you are losing money or need to sell for other reasons, don’t hold on to the property longer than you have to.
Know Your Tenant’s Rights
Before deciding to sell your house with tenants in Portland, be sure to familiarize yourself with tenant’s rights. You’ll need to give proper notice if they are to leave the property, and it is almost essential to have included a termination clause in your lease agreement if you’re looking to end earlier than the agreed upon date. This may sound like a lot, but long as you work within the law and can find the right buyers selling your occupied house can be a very straight forward process.
Sell Your House Directly
The fastest and easiest way to sell your house with tenants is directly to a professional home buyer. This allows you to avoid cleaning, marketing, staging and showing the home – all of which can be very tedious when you have people living in the home. Finding the right buyer will be easy if you know where to look. Often times a house with tenants is very attractive to investors. It shows a proven track record of income production and can instill confidence in a property’s potential.
Incentivize Tenants and Be Respectful
If you decide to list the house with a Portland realtor you will either need to wait until the tenants have moved out or have their cooperation in showing the home. Tenants can easily ruin a showing inadvertently or even intentionally, so it is always best to make sure you are all on the same page. A great way to get tenants on board with the process is to offer reduced rent in exchange for their time and cooperation. You could also use this as leverage to get them to find a new place, or offer to help with the first month’s rent at a new location.
While you may own your house, it is currently your tenants’ home. As we’ve all experienced, moving can cause worry and people are often attached to their homes. It is ultimately your choice and right to sell your home whenever you desire, but it helps to try and be as respectful and accommodating to your tenants as possible. This will make things easier for them and for you as the home seller.
Sell To Your Tenants
This can be a great option for long-term, stable tenants. Aside from you, they know and love the house more than just about anyone else. If your tenant has been there for a while, they will have likely developed an attachment not only to the house but to the community where they are living. If the house has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process talk to your tenants to see if there is any interest. The perfect buyer for your Portland house may be right under your nose!
If you can hold off until the lease terminates naturally, consider doing so as it makes the entire process so much easier and more predictable for your tenants. You can give them plenty of heads up and allow them to prepare for the move ahead of time. If they are good tenants, acting as a reference can go a long way for them. You can even help with the move if you have the means to do so. If the sale isn’t needed immediately and you want to spend the time and money on a listing, waiting until the house is vacant will be in your best interest.
Selling your house with tenants in Portland can be challenging depending on your situation and who your tenants are. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We would love to help you learn more about the options available to you!