Can I Sell a House or Property With Tenants In Wilmington, NC?
Are you currently the owner of an investment property in New Hanover County that you’d prefer to sell? When others reside in your house, the selling process can become a small amount more complicated. In our latest post, learn more about the way to sell your property with tenants in Wilmington!
Every landlord reaches the point when you wish to sell your house to move on to other investments. Whether or not you have got tenants, it’s your property, and you will sell it if you want. In some cases, you’ll be able to inform your tenants of the sale, and it won’t be difficult. The last thing that you want to happen is to risk your tenants leaving and being cursed by a vacant property while your house sits on the market. With that said, the tenants also have rights, and you need to ensure you aren’t violating them. Below, we discuss everyday things that arise once you attempt to sell your house with Wilmington’s tenants.
The Lease Situation
What does your lease situation look like? If you have got a month to month lease, ending it shouldn’t be too difficult. You will provide the right amount of notice to your tenant, typically 30-60 days. If you’re within the midst of a fixed-term lease, things are a touch different. If you wish to sell mid-lease, you’ll either sell the property to an investor who will honor the contract or give your tenant some incentive to maneuver out. Some contracts contain early-termination clauses that might allow you to finish the lease early. But, if you did not place one of these clauses in the lease, the tenant has rights too, and if you violate those rights, under the fair housing act, you’ll end up penalized.
If Difficult Tenants are Living in the House
If your tenant has violated the terms of the lease, there should not be an issue with evicting them. That said, if your tenant refuses to go away, the eviction process can become long and arduous. Most landlords try and avoid having to deal with evictions in all cases. The great thing about selling your house with tenants directly to an investor is that you will not have to deal with the eviction process yourself. This means you can rid yourself of the headaches of the bad tenants and leave with cash in hand. Many direct buyers will take over the lease, and business will last as was common. If the tenants violate the contract, the client will bear the eviction process as necessary. Plus, an on the spot sale will allow you to avoid having to market, show the property, and list for sale, things that result in even more tension between you and your difficult tenants.
There are many reasons why an on-the-spot sale is helpful for people who must sell their houses with tenants in Wilmington. Investors are happy to require over a property that already features a tenant in situ, especially if the tenants are current on rent payments. It saves them time, money, and the hassle of advertising, marketing, and showing the property. They won’t bother screening tenants or running the background checks because those things have already been done. Whether or not there’s a problematic tenant living within the home, a seasoned investor will not have trouble navigating the eviction process if the tenant is in violation. They likely have had to do it before, and won’t be bothered by the eviction process.
If part of your financial goals is to sell a house with tenants in Wilmington, there are specific ways to navigate this process. Always confirm you’re fair to your tenants, and giving the right amount of notice. This is not only the law, but it’s the proper thing to try and do.
If you still have questions you can call us at 910-685-7570 and we will glad to discuss your situation and determine if there is a way we can help!