Do you need to sell your house with tenants in Long Island, NY? The process can be much more difficult than a typical sale and you have to be careful. Learn more about what to expect in our latest post!
Maybe you own an investment property in Long Island that isn’t making you money. Maybe you are tired of constant tenant turnover. Maybe you are tired of dealing with frustrating and disrespectful tenants, but you aren’t in the place to deal with the eviction process. There are many reasons why a homeowner would want to sell a house with tenants in Long Island. As you can imagine, it may be difficult to convince your tenant that selling the house is a good idea. In most cases, they wont be happy about having to move. In order to get their support, you’ll want to let them know about everything going on and making selling worth their while as well.
Offer An Incentive
If you opt to list the house with a Long Island real estate agent, you will want the full cooperation of your tenant. By offering an incentive, you’ll hopefully be able to avoid any resentment your tenant may be harboring for selling the house out from under them. You have to remember, that while you own the house, it is still the place they call home. By offering to help them with moving costs, first months rent somewhere else, or a discount on the amount of rent they are paying, you will hopefully be able to get them to help you facilitate the sale. You can also offer to help them find a new rental, providing an excellent reference as needed. Keep in mind, that asking them to clean and leave while the house is been shown is a lot. Make sure you compensate your tenants accordingly to make the process run smoothly. This may consist of a cash payment if they leave by a certain date.
If the house is going to be shown with a tenant still living there, offer to pay for a professional cleaning service so that the dirty work isn’t falling on them. You can also offer them movie tickets or a gift certificate to a restaurant so they have something to do while the property is being shown. Selling a house this way is not easy and in many cases, getting access to the property is very limited.
Wait Until The Lease Is Up
As a landlord who wants to sell their house with a Long Island real estate agent, it may be in your best interest to wait until the lease is up. Trying to coordinate repair work, property showings, and keeping the house in showing ready condition can be a lot for a landlord to ask of their tenant. In many cases, landlords face backlash and even situations where the tenants disrupt a potential sale. It can be better for all parties if you are able to wait until the lease is up before deciding to sell the house in the traditional way. You have to understand that the tenant is usually upset that they have to fins a new place to live that may be less convenient or even cost more than their current situation. It is a disruption of their life and they make not make it easy on you.
Terminate The Lease
If your tenant has violated the lease in any way, you can evoke an early termination clause in the lease. Not that you want them to slip up, but if they have been consistently late on rent or have been a documented nuisance to the nearby neighbors, you may be able to end the lease sooner than planned. When drafting your rental agreement, make sure to include details on what exactly will merit an early termination of the agreement. If you do not have these protection built into the lease when it was signed, it will be very difficult to enforce the terms after the fact, especially in a place like Long Island and New York City and the 5 boroughs that have laws that tend to be tough on landlords.
Sell Your House With Tenants Directly
If you want to sell your house with tenants in Long Island, NY, the easiest way is by choosing a cash for homes company like Comax Properties. We buy houses directly, whether you have tenants or not. Our process will let you get rid of the unwanted house as quickly as possible while receiving a great price for the home. In most cases, when you sell your house directly to Comax Properties, the lease will stay in place and your tenant will go undisturbed. The only change for the tenants will be where to send the check each month, if they are actually still paying the rent. Even if the tenants don’t have a lease or aren’t currently paying the rent, we’ll still buy the house and take over the burden of dealing with the house and getting rid of the tenant. Contact us if you’d like to chat about options.
Find Out If Your Tenant Wants To Buy
When looking to sell your house with tenants in Long Island, you may want to let them know about it first. They already live there, so no moving is involved. They have likely made the house their home and gotten accustomed to the neighborhood. If your tenants seem are happy to live there, they may want to buy the house themselves. If financing is a problem and you don’t need the full amount for the property right away, owner financing can be an option if you own the property outright, at least until they are able to get the credit or cash they need for a traditional loan.
Understand The Tenants Rights
When trying to sell your house with tenants in Long Island, you’ll need to be aware of the rights of the tenants. So long as no violation has occurred, in most places, a tenant has the right to stay in the home until the lease is up, whether or not someone buys the home. You must be careful to understand the rights of tenants in your particular jurisdiction. Nassau County is different and more strict than Suffolk County and New York City and the 5 boroughs have much more stringent tenants rights written into their laws and procedures than Long Island has.
The most important thing to understand is that when it comes to evicting tenants is that you cannot become emotionally or personally involved (even though thats a natural reaction). Let the lawyers or whoever you hire to handle an eviction take care of it and understand that its a long process and you have to stay out of the way. You cannot engage in any activity that is considered “unlawful eviction” that includes, denying access to the property, turning off heat water or utilities, changing door lock and not providing a key to the tenant, or any form of threats. These are criminal offenses in New York State and you can be arrested!