Do you own a tenant occupied rental property in Southern California that you want to sell?
The good news is that yes, you can sell your rental property but it’s important to remember that your tenant does have legal rights to occupy that home during the term of the contract.
For example: let’s say that your tenant just signed a 12-month lease with you last month, in this case, your tenant still has 11 months left on their lease and whoever buys the home has to take the tenant with the home.
Communicate with Your Tenant
Although it’s your right to sell your rental property you shouldn’t hesitate to communicate with your tenant and let them know your intentions. Why? Some tenants may be open to breaking the lease if you compensate them for their trouble by using one of the following options:
- Pay them to move (cash for keys).
- Return their security deposit in full.
- Offer to pay your tenants moving costs.
Sell Your Home to The Right Buyer
You may be eager to sell your Southern California home but if your tenant doesn’t want to move, you will have to sell your property to the right buyer.
It’s a win-win situation when an owner can sell their already occupied property to another owner because it will save the new owner the time, money and hassle of finding a new tenant to occupy the property.
Work with The Right Real Estate Agent
Without a doubt, this type of real estate transaction can definitely be complicated but the good news is that if you work with the right Real Estate Agent who has sold a tenant occupied property before you will stand a better chance of having a successful real estate transaction.