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Selling Rental Home?
I want to sell my rental home that is out of state. My property manager is being elusive as to how I can do this, probably because he wants to continue to have my business. Are there legit websites that are specific to people who want to sell their homes to another investor? I can't sell my home as a residential home because I currently have tenants living in it. So I have to sell it as an investment rental home. So none of the big residential real estate websites would work for me.
6 Answers
- loanmasteroneLv 77 years agoFavorite Answer
You may sell your house to anyone you would like. You are no limited to selling your house to an investor.
Depending on the type lease or rental agreement you have with your tenant would be a determining factor as to informing your current tenants they would be required to vacate the rental house.
If you and your current tenants have a lease or rental agreement, you might be required to give your tenants an incentive to move, such as no rent during the sale of the house, You might want to make a stipulation that they would make the property available to be shown to potential buyers by your selected real estate agent. You might also stipulate that they would be required to vacate the house 10-15 days after the house has closed in escrow. You would want to put this agreement in writing and have it signed by all parties living there. Make sure your agreement indicate the listed tenants as well as others that might be staying there.
If the lease or rental agreement have elapsed you and your tenant would be on a month to month tenancy established by the state in which you reside when the lease or rental agreement have lapsed and a new one has not been signed.
If you are on a month to month tenancy, you simply need to inform your tenant that you want them to vacate the rental house in 30 days. This is the normal time frame you would be required to inform your tenants. You might want to check your state's month to month tenancy agreement, the law there might be more or less.
Once you have established the method of informing your tenants you are selling the house, you would need to contact a real estate agent to assist you in selling your house.
There are many web sites you might consider using to sell your house. Since you are not in the same state it would be difficult to set up appointments to show the property, get the necessary escrow and title companies involved to have a smooth successful sell and transfer of the title deeds to any potential buyer.
Any web site you use, all investors would see the same properties for sale.There might be a web site dedicated to investors buying properties, I have yet to see one, Normally this would limit the individuals that would have access to the site.
In your case, it might be better to engage the services of a local real estate agent.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- realtor.sailorLv 77 years ago
Your property manager is required to have a real estate license so he can also list the property for sale. At the very least he could refer you to another Realtor. Assuming this is a single family home you don't have to limit your buyers to investors. While a new owner must honor the terms of the lease, he/she would not be obligated to renew the lease when it expires so the owner could then live in the home.
Source(s): I'm a Realtor - ?Lv 77 years ago
You can certainly sell your property with tenants living there. They can remain as long as they have a lease. If they have no lease, you give them all 30 days notice. Hire a different property management company.
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- Nuff SedLv 77 years ago
Yellow pages, real estate broker, phone: "I want to sell my house".
Your "property manager" doesn't even need to know about it, considering he's not being very helpful...