Registered: 1164750810 Posts: 2
Reply with quote #1
What are our rights as landlords to sell one of our propertys when there is a tenant living there? I have a single Family home which is rented and I have a two year lease on. I want to sell the property not as rental property but as a single family home. HELP!
Registered: 1165043750 Posts: 6
Reply with quote #2
Unfortunately, you don't have the option of selling it the way you want to. First, why do you want to sell it as a home rather than as an investment? Your lease you have with your tenant has to carry over to the buyer, meaning the buyer would have to be a Landlord for a while. Secondly, you could present your tenant the option of buying the house, if they were interested but maybe think they couldn't get a loan, you can hook them up with a reputable Mortgage broker that could get them a loan. You and your tenant might be surprised that they could buy the house. If they don't want to buy it, possibly offer them an incentive to move out so you can sell your house especially if you have a potential buyer already, if so, maybe the potential buyer might be willing to split the incentive with you. If all these fail, you don't have any other choice, but to wait out the lease or wait until your tenant gives you just cause to evict them.
Registered: 1189469160 Posts: 3
Reply with quote #3
Hi I am new to this website but had another question? Is there any way to sell houses to investors quickly? My husband and I are awfully tired of dealing with the rental business and just want out. Does anyone know of anyway to do it fairly quickly without losing everything that you have put into your properties and then some?
Registered: 1169270040 Posts: 3,801
Reply with quote #4
where in OH are you? You might consider contacting a local LL association or a chapter of REIA (Real Estate Investors Association) which has chapters all over the state. They can notify their investor members that you have rental property for sale. Another investor may be eager to take over rental property through one of these organizations. These LLs are still buying properties. As for the other poster, when there is a tenant with a curent lease in the property, the lease transfers with the sale to the new owner. The new owner must honot that lease. If that tenant has a 2 yr lease, no one will buy it as their personal residence. The tenant has the right to stay for the remainder of his lease unless he fails to pay or violates the lease.
Registered: 1192650882 Posts: 2
Reply with quote #5
Hi! I'm coming from the other side of the fence here - we're renters who are 4 months into a one year contract. Our landlord, with whom we have a very good relationship, informed us that she is going to put our duplex on the market for sale. I should add that it is a "top/bottom" duplex with a water view that is easily changed back into a single family residence. We currently occupy the top unit, and the bottom unit is vacant.
We do not care necessarily if our lease is broken; we know by law she must - and the future landlord must - honor our lease. To avoid the crunch of a potential "I-want-to-live-in-now" residential buyer we are assessing whether or not to grab another appealing rental currently on the market or wait it out and see how the selling process goes. We don't necessarily want to put our landlord in a cash crunch, but aren't sure we want to wait around either. Hopefully I have been clear. What thoughts could you provide from the landlord perspective? Thank you so much for any feedback.
Registered: 1169270040 Posts: 3,801
Reply with quote #6
You need to talk this over with your current LL. If you move out you would be breaking your lease. You need to find out how your current LL feels about this. The owner may be OK with this as it is often easier to sell a property without tenants. If s/he isn't agreeable, you need to decide if you wish to go ahead and move. If so, negotiate a lease break fee with the LL. If the LL agrees, get the details of the agreement in writing and make sure it states that s/he will no longer hold you liable for the remainder of your lease. If you break the lease and the LL does not agree and will not negotiate, you will remain liable for the rent until s/he re-rents the unit, as well as advertising, agent fees, utility bills that you were responsible for (in some areas), and any other monies that the LL loses as a result of breaking that lease.
If the house sells, the new owner must be made aware of tenants with a current lease before closing. So any buyer would already know that they had to honor your lease. No "I want to live in it now" buyer would purchase a building where tenants have a current lease. If they did buy the place, they would have to offer you an incentive to break your lease, usually by offering to buy you out of your lease.
Registered: 1192650882 Posts: 2
Reply with quote #7
Thank you so much for your thoughts. We did have a discussion with our landlord, and we decided to wait it out. I appreciate your insight and instead of having a knee-jerk reaction and volunteering to move (again!) we'll wait and see what the real estate market does. Our landlord gave us a verbal agreement that if we decided to break our lease she would understand and we would come to financial agreements at that time. In the long run, we feel we have more flexibility by staying put than having to go out and sign a new lease with a more stringent landlord. We'll see.
Registered: 1264798854 Posts: 3
Reply with quote #8
Question for someone knowledgeable with landlord/tenant laws:
My boss relocated me to Florida for 7 months. They are now leaving 2 months earlier- at the end of March instead of at the end of May. My rental, a condo, was just sold to a new owner. I would prefer to get out of the lease as I can't afford to pay rent in a place where I won't be working. (have to travel to three different states for my job. I'm told that the old lease carries over to the new owner. I have no idea where my security deposit and last month's rent are being held. (3000.00 total). Also, the new owner has not paid for the cable, which is in the lease that is paid by the owner. I've had to reinstate it. Other repair issues which no one has addressed, and I've told him about them. Can I get out of the lease? I don't have anything in writing with the new owner. Is this a technical loophole? I also don't want to pay any more rent if I'm leaving in 2 months- they essentially have 2 month's rent with security and last month's rent. I'm an extremely neat and conscientious tenant. I also have no idea where to even send the rent...the owner lives abroad. Thanks!
Registered: 1169270040 Posts: 3,801
Reply with quote #9
You have a bunch of issues.
The deposit and last month's rent should have transferred to the new owner, along with any interest if it was required to be paid Check with him to be sure it was. If not, he can contact the old owner to get this straightened out now. Do not tell the owner about repairs. Put the request in writing, send it certified mail, return receipt requested. Keep a copy of it and the postcard that comes back. This way no LL can ever say they didn't know the __ needed to be fixed. If the LL fails to fix it within 30 days and it is a necessary (not cosmetic) repair, you may be able to take further action to get this done. The cable should be paid by the LL if it is listed in the lease as being included. Let the new LL know that it is supposed to be included. Ask that he put it back into his name or allow you to deduct the amount from your rent.. In future, don't take it upon yourself to put it in your name. Make a request as stated above for the LL to do it. The lease does transfer to the new owner. You have a valid lease and it now belongs to that owner. You do have to pay one more month's rent. You cannot use the security deposit as rent. No state allows that. The way this would normally work would be to pay rent for this next month, then give notice to vacate and remind the LL to use the last month's pre-paid rent for that month. If the new owner has not yet contacted you. call the county tax auditor's office or title department and ask who the new owner of the property is. When the deed is recorded a new owner will be listed with an address where they send his tax statements to. Use that address to contact him. Whe you get that address, you can contact him and negotiate a lease break fee. He may allow you to use the deposit and last month's rent for that fee. Or he may not. His choice. But explain the situation and see what you can negotiate. Do all negotiations in writing. And if he agrees, get it in writing that he will release you from all obligations under the lease in exchange for x, y, and z. Get him to sign the release.
Registered: 1274850935 Posts: 21
Reply with quote #10
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Registered: 1288000496 Posts: 2
Reply with quote #11
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Registered: 1221627180 Posts: 577
Reply with quote #12
frankie - what does your lease state? you could offer to buy them out of their lease if you are in the position to. but the market is really not that great right now. my lease states that I may put the property up for sale, are they good tenants? would they cooperate with a realtor? you could place it on the market let them continue renting - it may end up empty for a long period of time, I would rather collect rent in the meantime & see what offers you get, you may get someone who will work with the present circumstances. Is this a distress sale? do you need to unload this property now?
Registered: 1314023414 Posts: 2
Reply with quote #13
How about this one??? I put my NH townhouse on the market but rented it out for the past year. The tenants lease expired Aug 20. My buyers just took ownership on Aug 19. The new buyers said the tenants need to be out by the 31st. The tenants say they'll be out somewhere between the 31st and the 15th of September. Can the new owners have them removed right away since the lease has expired and its now a new owner? These people knew when their lease was going to be up and I also gave them notice on July 29th that the property was under agreement to be sold. I know now that I know longer own the property, I shouldn't worry about it, but I want these new owners to be able to have a home to move into...they have kids.
Registered: 1335253812 Posts: 5
Reply with quote #14
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Registered: 1336026342 Posts: 6
Reply with quote #15
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