3 Points to Consider when Selling Rental Property

By
Real Estate Agent with Coldwell Banker Platinum Properties
  1. Is the tenant of your single family home or condo occupying the property on a fixed term lease or month-to-month? This status is more important on single units than on multi-unit properties, since buyers of single units (single family home or condo) usually wish to occupy the home themselves after purchase.
  2. How long has the property been a rental? Find out the tax consequences of a planned sale and whether you can defer all or part of capital gains taxes with a 1031 Exchange. You must know the facts BEFORE you sell.
  3. Inform the tenant of the planned sale and work out a plan of mutual cooperation. Making concessions and accommodating the tenant’s needs regarding showings and their move date goes a long way towards promoting a smooth sale of the property. More sales have been derailed by grouchy, uncooperative tenants than necessary.

These points are important to address whether the owner sells from an equity position or is forced to sell due to mortgage default. Tenants and landlords each have rights and obligations. Know what they are and observe them to avoid difficulties and unnecessary legal claims during and after the sale. For more information or for a FREE, no obligation consultation regarding your specific rental situation in Orange County, CA contact Sylvia Jonathan at (714) 856-7003.

Realtor lady

 

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Topic:
Home Selling
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California Orange County
Tags:
landlords
sale of rental home

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Rainmaker
847,715
David Popoff
DMK Real Estate - Darien, CT
RealtorĀ®,SRS, Green ~ Fairfield County, Ct

Good points, always difficult when dealing with tenants and their peace and quite.

Apr 24, 2011 05:27 AM #1
Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

I like your blog post and I thank you for sharing it! Good advice!

Apr 24, 2011 05:34 AM #2
Rainer
143,845
Sylvia Jonathan
Coldwell Banker Platinum Properties - Irvine, CA
Broker Associate, SFR

David: Tenants can torpedo a sale in a big way by making the property unappealing, inaccessible or both!

Apr 24, 2011 06:05 AM #3
Ambassador
528,399
Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Hi Sylvia - I had a tenant occupied listing, offered them one month's rent to keep the house clean and easy to show at all times - and they sure did.  The $ would help with a tenant's move, which might be part of the reason that tenants are hard to deal with - the sale might be hard on them financially.

Apr 26, 2011 12:26 PM #4
Rainer
143,845
Sylvia Jonathan
Coldwell Banker Platinum Properties - Irvine, CA
Broker Associate, SFR

Virginia, offering the tenant adequate compensation is key. Some owners don't get that. Ignoring the tenant's needs and motivation can be pennywise but pound foolish on the part of the seller.

Apr 27, 2011 03:50 AM #5
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Rainer
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Sylvia Jonathan

Broker Associate, SFR
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