[Realtor Question] Selling a House With A Lease in Place

I would imagine that you'd want to communicate this to your tenants ASAP. If you don't have their cooperation, then selling the home while they're occupying it may not be easy or even possible.

They may even be interested in purchasing it.

 

If someone needs a loan to purchase your house to use as a rental rather than their primary residence, there are different loan criteria and interest rates may be higher.

You would also want to make sure there is no wording in your lease prohibiting this. I assume your intent to sell would involve allowing the tenants to stay until next October.

I had a look at our lease agreement with our tenants. It is essentially a boiler plate and there is no wording that would prevent me from transferring the ownership of the house to someone else before the lease ends.

 

Of course you can sell a rental house with a tenant in place. Its a matter of placing it in thecontract.

Would someone really be interested in buying your house as an investment property? Usually for this to happen, it needs to be a buyers market.

You do not want to sell the house as a primary with a tenant in place. You will have a very hard time selling it. Clear up the tenant situation well in advance.

 

Actually, I'm doing the very same thing right now. There is nothing legally binding regarding the lease.

...and my buyers are more interested in buying because it already has tenants. It's instant income for them as their intent is to continue to use it as rental property.

If you buyers are developers and they want to tear down your house, then the tenants are a liability, not an asset.

 

What are the terms of the lease?

Often there is a provision of termination by one or both parties w/a notice period in most standard lease forms.