Do you need to sell your house with tenants in Tulsa? The process can be pretty straightforward, but there are a lot of details to pay attention to in order to sell successfully. Your situation might vary depending on your lease and tenants in place. Learn more about how to do it in our latest post.
Ethically, when selling your house with tenants in Tulsa, you’ll want to make the transition as easy as possible. Let your tenants know of your intentions to sell and what they should expect. If they wish to stay in the home, look for a buyer who will welcome the idea of buying will tenants, this will often time be an investor that owns other rentals in the area. That said, it is 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.
Tenants Rights
When it comes time to sell your house, there are a few things you need to take into consideration if you have tenants living on the property. First and foremost, you will need to be familiar with the tenant’s rights. In the state of Oklahoma, tenants have certain rights that must be respected. For instance, if you are asking them to vacate the property, you must give them proper notice and follow the law. You will also need to have a termination clause in your lease agreement that allows you to end the lease early under specific circumstances, such as selling the property. You should review the terms of your lease, and if necessary seek the help of a qualified attorney to give you advice.
Of course, selling your house to tenants in Tulsa can seem like a daunting task. But if you work with the right buyers and adhere to all the legalities, the process can be done quickly and without much disturbance to anyone’s lives. The key is to find a buyer who is willing to work with you and your tenants. There are plenty of investors out there who are interested in properties with tenants already in place. So, don’t let the presence of tenants deter you from selling your house. With the right buyer, the process can be seamless.
Communication with the tenants throughout the whole process will be critical, you’ll also need to keep a potential buyer in the loop with any new developments.
Sell Directly to Buyer
Selling your house directly will eliminate the need to clean, market, stage, and show the home. All of these can be difficult when there are tenants living in the house. In order to successfully sell your house directly, you will need to find the right buyers who are willing to take on a house with tenants. In fact, there are many investors who will see this as a perk. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
Offer Incentives
If you plan on listing the house with a Tulsa real estate agent you will either need to wait until the tenants have moved out or have their cooperation in showing the home. Often times showing the house to a prospective buyer is difficult on tenants, because they have to rearrange their schedule or clean up each time someone wants to see the house. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent or a cash payment as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place. Selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them. Starting an eviction or other legal steps can cause a greater headache costing time, stress and money.
Be Respectful
Remember, it might be your house, but it is currently your tenants home. They may feel a sense of attachment or worry about being uprooted after living in the home for a long time. While you may need to sell the house for your own personal reasons, try to 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
Aside from you, there aren’t many people who know and love the house the same way you do. 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 Tulsa house may be right under your nose!
Wait
If waiting is an option, consider holding off on the sale until the lease is up. Then, let your tenants know that they will need to relocate as you will be putting the house on the market. You can give them a heads up ahead of time, letting them know of your intentions. Helping with moving or writing a landlord reference letter can help soften the blow, especially with a long-term tenant. 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 Tulsa 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!