Tenants Hold the Fate of Your Sale in Their Hands
For both sellers and agents that are considering the sale of tenant occupied properties, here's some excellent information and advice from Debbie Reynolds about handling this situation.
Should You Wait Until the Tenant Has Moved to Show the Property?
I have had sellers with tenant occupied properties contact me to sell their homes. One of the first questions I ask is when are the tenants moving out? If the seller is hoping to keep the tenant in the property until they can find a buyer and close, I am quick to tell them this is probably not going to happen.
Over the years I have given this a try and it just doesn't work out well. If this was fairyland all things would fall into place and the tenants would be congenial hosts and have the home in top showing condition. It doesn't happen like that.
Tenants have rights and are quick to tell you that they don't like being disturbed with showings. I have had them refuse to permit showings without them being present or requiring several days notice. Because they aren't happy about moving their attitudes are unfriendly and gruff. You might think they wanted to be home so they could tidy up and present the property in a good light but that is not the case. Often the home looks like you caught the tenant totally unaware and that they don't even realize it is on the market.
There are reasons that tenants sabotage your home sale. They may not want to move in the first place. They pay rent and don't want the hassle of being disturbed during their tenure in the property. They may not want the owner to see the condition or have objections to the way they live in the home. I shared a true story about how difficult it was to show a tenant occupied home and how that home never sold.
As the owner of the home you want the best price you can get from the sale. A tenant may tell a prospective buyer about things they don't like about the house or neighborhood. They can present it in a really bad light and scare a buyer off.
What is an owner to do? See if the tenant is interested in purchasing the property first. If there is no interest then share with the tenant your plans to sell the property. Review the terms of your lease and the expiration date. If the tenant still has time remaining on the lease ask if they would like to be released early. This could be good news to the tenant and work well with their plans and yours.
If they are not interested in moving early ask if they would consider some compensation or concessions to move earlier than they had planned. This might just work and serve as motivation to get the tenant out early. This same type of compensation can be offered if the tenant is going to remain in the home while it is on the market to get their cooperation in showing and presenting the property at its best.
The tenant holds the fate of your sale in their hands and they know it. You will either need full cooperation from the tenant during the showing period or you will need them out of the home. Experience has taught me that you should wait until the tenant is out of the home. There can be a rare case here or there where a tenant is fully willing to show the home and the home looks as good as it would look if the owner lived there. These circumstances just don't happen often.
If you would like information on real estate in Clarksville TN contact Debbie Reynolds Clarksville TN Real Estate Agent at 931-320-6730.
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