Selling A House With Tenants
Owning and managing a rental property with a problem tenant living there can be a serious headache. The amount of issues a bad tenant can cause are endless; whether it be that they don’t pay rent on time, they are causing problems with the neighbors, they keep breaking appliances, or even damaging your property. Unfortunately, at the end of the day you are the one that is going to have to solve the problem.
If you have gotten to the point with your rental property where you do not want to deal with your tenant any longer and you have had enough of the landlord business, there is still hope. Just because someone is living in your property does not mean you can not sell it. You can! Are you wondering ‘how do they buy a house with someone living in it?’ We will explain how we deal with this issue below.
Cash for Keys
Cash for keys is quite literally what it sounds like. After we close on the property we try to open up a clear line of communication with the tenant. We will offer them something that is a good deal and would be a win-win scenario for both parties involved; cash for their keys. We generally would hand them a written letter, with the proper language that conveys “forget your past due rent amount, take this lump sum of cash and leave in 10 days.” If the tenant agrees and signs the document, everybody walks away relieved. How is this scenario a huge win-win for both parties? The tenant avoids an eviction on their record and has cash to start fresh, and we now have a vacant property to work with.
Handle the Eviction Ourselves
At FL Home Buyers, we are not afraid to get our hands dirty. If the tenant slams the door in our face and tells us “we aren’t paying or leaving,” we have a simple approach. Place a three-day notice and inform our attorney of the issue. From that point, we will have proper guidance as to what we need to do and we give our attorney the approval to move forward and solve the problem.
Can the situation escalate? Yes. Can the tenant destroy the property to spite us? Yes. Unfortunately, there are virtually countless situations that can take place. All situations at the end of the day, fall on the owner of the property. These are just some of the risks we have to take in our line of business. If you are curious as to how the eviction process works, read our article here.
Overall, it is up to you to decide whether you want to go through the eviction process or sell the property and take your cash. Having been through this process countless times, we know the ins and outs of closing on the property with tenants in place. If you give us a short 5 minute phone call we can gather enough information to get you an offer for your rental property. You don’t need to set up multiple showings, clean up the property, make repairs, deal with banks, and all of the other nuances that come with listing a property. Here at FL Home Buyers, we have bought and continue to buy properties with tenants in them. Give us a call today!