SELLING A RENTAL PROPERTY WITH TENANTS IN COLORADO SPRINGS
Are you stuck in a house that seems impossible to sell because of its dilapidated condition? Owning a piece of real estate can be an excellent long-term investment, but it can also bring challenges, especially when you deal with high-maintenance renters. This situation can put you in the position of being responsible for complete strangers who occupy your property.
But what if you're tired of the burden of being a landlord? and wish to sell your rental property? Here's how you can do it in Colorado Springs, where such cases are not uncommon. Landlords often find themselves needing to sell their properties urgently due to various circumstances. However, this decision affects not only you but also the tenants residing in your property. To make this process smoother for all parties involved, you can take a few steps.
Consider Selling to the Tenant
If you share a friendly rapport with your tenants, and they love living in the property, you might want to offer them the chance to buy it. They could potentially be interested in becoming homeowners, particularly since they are already residing in the property. While this may seem a stretch, it's definitely worth exploring as it could provide you with an effortless exit strategy.
Issue an Early Termination Notice
Depending on the laws in your state, you can send early termination notices to your tenants one or two months in advance. This gives them adequate time to find new accommodations, enabling you to terminate the lease more efficiently. If your tenants have breached any lease conditions, this process can facilitate their early eviction, thus making the selling process smoother.
Retain the Tenants in the Property
If you find a buyer interested in investing in rental property, it might be a good idea to keep the current tenants. If your tenants are reliable and the new owner wishes to continue renting out the property, it's a win-win situation for you, the tenants, and the buyer.
Opt for the Cash for Keys Method
If your tenants have caused significant damage to your property and you need to make repairs before selling, the cash for keys method could be beneficial. In this approach, you offer your tenant a financial incentive to vacate the property swiftly, helping you expedite the selling process.
After exploring these alternatives for selling your rental property without causing undue stress to your tenants, let's look at how to actually sell the property.
If your tenants decide not to buy the property, you will need to assess the property's condition after they leave. Consider the best price at which you can sell the property without undertaking any repairs or renovations.
Selling with a Real Estate Agent
Having tenants living in the property you're selling can complicate the process. There's no guarantee that the property will be in presentable condition, and arranging for property viewings can be challenging. Moreover, the process could be time-consuming, potentially taking months.
If you choose to hire a realtor to sell your vacant property, bear in mind that they may require costly repairs that may not necessarily increase the property's value.
Selling by Owner
This can be a lengthy process as you may not have the resources to list or market the property effectively. Plus, convincing potential buyers to purchase a property previously inhabited by various renters can be tough. Prospective buyers may question the property's condition, making them hesitant to commit.
Selling to a Cash Buyer
If you're certain about selling your rental property with tenants, a cash buyer might be the perfect solution for a quick sale. Cash buyers are ready to purchase properties as is, and the process can be as quick as a week. With a cash buyer, you can receive a quote in just a day, and you have the freedom to close the deal at your convenience. Sell your Colorado Springs rental property fast could be as quick as one week.
If this piques your interest, reach out to ClearSale® today to sell my house fast Denver Colorado and get money quick.