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Selling a home with tenants is very difficult.

I presently am attempting to sell a home that has tenants. To top it off it is a short sale so it is much more critical that the home be able to be shown at a moments notice. The tenants rights allow them not have to show the property at all. But it is definitely in the interest of the tenant to show the home to maintain their non-disturbance clause. If the home goes through foreclosure and finally a trustees sale they won't be able to live in the home anymore. Seems like a no brainer!

The listing shows it is an income property and tenants are in place for another 9 months. Do any of the agents in AR have any advice for such a situation to assist selling a home in such a situation. In the sea of pre-foreclosures, short sales and REO's I need an edge.

Thanks in advance for your recommendations.

Posted by Rob Jones Greater Phoenix Real Estate Broker on 08/17/2007 05:46 PM

Comments (3)

short sale, preforeclosure, foreclosure, home, real estate, arizona, mesa, queen creek, gilbert, phoenix, surprise

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3 Comments on Selling a home with tenants is very difficult.

AUG

2007

Here's a thought......this is obviously investment property and investors are smart people who are also generally extremely busy. Why not make the property available certain days of the week. Here in Florida we have to give 48 hours notice. How about offering appointments only certain days of the week. Say Mondays and Thursdays from 1-3 or something to that effect. The exclusivity of the "opportunity" may also drive up the interest. Good luck!

It's very difficult when you have to consider tenants into the equation in a normal sale, much less a short sale. I think you can turn this to your advantage by getting the tenants on your side. If you are trying to attract an investor, a long-term tenant is a great selling point as well since they'll have a guaranteed cash flow from the first month.
Advertise it as an investment property, with tenants in place, and you might be in a stronger position than you think.

Good luck. Tenant occupied property is hard to sell at any time. The only thing worse is a home with a teenager in a tenant family.

You'll never get in.

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