How do you sell a house with tenants in Virginia Beach? Savvy investors think about this well ahead of time and use the best information for today to make decisions about tomorrow. Get this – it’s easier to sell a house without tenants (vacated), but we know that this may not always be the case. The important things here is you would need to consider how quickly do you want to sell the house, do you want to make any repairs, and what do you think the market is doing right now, so you could get a better idea of what your house is worth. Many people, even experienced landlords, make the mistake to look at online listings and think that heir house is worth exactly that much, or slightly less than what they see the houses are selling for on the market in their neighborhood. Here is the important question – what was the exact condition of the house that sold recently? Was it exactly like yours, or fully rehabbed? Was it with tenants, or vacant when it got sold? There is a big difference in price.
Notifying the Tenants
When you indeed want to sell your rental house with the tenants in it in Virginia Beach, first and foremost you need to make sure that you comply with the lease agreement and the local and federal guidelines. For example, in Virginia, the tenants have the right to continue their lease and it must be honored by the new owner of the house. Also, when you are 100% committed to sell, you will need to notify the tenants of your intentions, so they are aware what is coming their way. The important thing to know is, YES, you can sell a house with the tenants in it in VA.
Sale Termination Clause
Sometimes, you could include a “Sale Termination Clause” in the lease agreement. This may be a good idea to do for some, or all of your rentals, as it may happen so you need to sell a house and the tenant’s lease is still not expired. You don’t have to wait for the lease to expire, but the sale termination clause, if discussed before hand properly and when you comply with all local laws, can help you with the sale and transition to go smoothly on the sale of the Virginia Beach house. For example, you could offer some money to the tenants for moving expenses if the sale will happen before the lease expiration date, or offering some flexibility on the move out date. In any case, having discussed and prepared for this in advance can be very beneficial. The reason is, if you need to sell a house with the tenants, most likely the price will be lower than what you would get if the house was vacant.
Sometimes, you may want to sell a house with difficult tenants. Maybe they became harder to communicate with recently, or maybe right after you told them you will be selling the house. In any case, when you are dealing with difficult tenants when trying to sell your house in Virginia Beach, there are two options – sell the house with the tenants, exactly as is, and get the new buyer to deal with the evictions and all the issues related. This will work, because professional homebuyer like us at Coastal Edge Homebuyers is fully-equipped to work with such situations, or, you could do something that we call “cash for keys”, which means to offer cash to the tenants for them to move out, to facilitate a better cooperation. Hopefully the tenants will move out on their own after you give them the cash.
Coastal Edge Homebuyers
Need to sell your house with tenants in Virginia Beach? The fastest, easiest, and most convenient way is by selling directly to the local professional home buyers at Coastal Edge Homebuyers. With us, there are no agent commissions or fees of any kind, no cleaning, and no repairs. We’ll buy the house as is. At Coastal Edge Homebuyers, we’re fully prepared to deal with any situations with tenants, including buying the house with the tenants with an existing lease. We’ll also work on getting you the highest price possible, given the current condition of the house and the lease agreement terms. Moreover, we can help you determine the risks and options of selling the house by yourself or going through an agent, so you could compare the different Pros and Cons of selling your Virginia Beach house. We at Coastal Edge Homebuyers pride ourselves as being “problem-solvers”, we help people in many different situations. If you are a landlord who is tired of being one, and you want to transition into a more comfortable and stress-free retirement life, we may be a great choice for you. We buy houses as-is for cash and provide you with a guaranteed closing date, typically in a matter of 7-10 days, if there are no issues with title. Call us at Coastal Edge Homebuyers today at (757) 414-7117.