Do you need to sell your house with tenants in Long Island?
The process isn’t always that easy depending on your lease and tenants in place. Learn more about how to do it in our latest post.
Ethically, when selling your house with tenants in Long Island, you’ll want to make the transition as easy as possible. Let them know of your intentions and what they should expect. If they wish to stay in the home, look for a buyer who will welcome the idea of buying with tenants. Someone who will honor the lease, if there is one and make the transition invisible to the tenant. That said, it is business. If you are losing money or need to sell for other reasons, don’t hold on to the property longer than you have to. In many cases you will most likely have to find a local Long Island cash home buyer like our company Comax Properties to sell the property to. Inevitably, in these types of sales a high percentage of tenants stop paying rent when the house is transferred to the new owner. The new owner will often end up having to evict the tenants, which can take anywhere from 6 months to 12 months in a place like Long Island, NY.
Before you decide to sell your house with tenants in Long Island NY, make sure you are familiar with the tenant’s rights. If you are asking them to vacate the property, make sure you are giving them the right amount of notice and are operating according to the law. You will need to have a termination clause in your lease allowing you to end the lease early. Selling your house with tenants in Long Island NY can seem difficult. But if you adhere to the legalities and work with the right buyers, the process can be done, although it will take time and there will be costs and aggarvations associated with the process.
Sell Directly To A Cash Home Buyer
Selling your house directly will eliminate the need to clean, market, stage, and show the home. All of these can be difficult when there are tenants living in the house. In order to successfully sell your house directly, you will need to find the right buyers who are willing to take on a house with tenants. In fact, there are many “We Buy Houses Long Island “investors who will see this as a perk if the house has good tenants who have a history of paying their rent on time and in full. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
Offer CASH Incentives
If you plan on listing the house with a Long Island NY real estate agent you will either need to wait until the tenants have moved out or have their cooperation in showing the home. Good luck with that! You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent as an incentive to get them to move out. This is often called “cash for keys”. Or maybe offer to pay the first months rent at their new place. Selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them.
Be Respectful Of Tenants
Remember, it might be your house, but it is currently your tenants home. They may feel a sense of attachment or worry about being uprooted after living in the home for a long time. While you may need to sell the house for your own personal reasons, try to be as respectful and accommodating to your tenants as possible. This will make things easier for them and for you as the home seller.
Sell Your House To Your Tenants
Aside from you, there aren’t many people who know and love the house the same way you do. If your tenant has been there for a while, they will have likely developed an attachment not only to the house but to the community where they are living. If the house has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process talk to your tenants to see if there is any interest. The perfect buyer for your Long Island house may be right under your nose!
Wait Tenants Out
If waiting is an option, consider holding off on the sale until the lease is up. Then, let your tenants know that they will need to relocate as you will be putting the house on the market. You can give them a heads up ahead of time, letting them know of your intentions. Helping with moving or as a reference can help soften the blow, especially with a long-term tenant. If the sale isn’t needed immediately and you want to spend the time and money on a listing, waiting until the house is vacant will be in your best interest. Always understand that even though the lease is up, some tenants will still refuse to leave on time and you may still end up in landlord tenant court.
Selling your house with tenants in Long Island can be challenging depending on your situation and who your tenants are. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We would love to help you learn more about the options available to you! We Buy Houses Long Island!