Landlords often wonder whether it would be a good idea to sell their home when they have a tenant living in it. Having a co-operative tenant is like having at least some of the stocks stacked in your favor, because most of the time, a tenant-landlord relationship is purely business and never personal. In some cases, however, the relationship would be good and the landlord will not have much of a trouble selling it.
Approval of tenant is imperative
Tenant co-operation is a crucial factor for a smooth selling process. If your tenant is being difficult despite of you explaining the situation, then selling won’t be so easy. Landlords have to get their tenant’s approval in order to start the process. Some tenants do not appreciate the fact that the home they are renting has to be prepared for home showing or home inspection, so they may put up resistance.
Follow the rules of the book
As they vary from jurisdiction to jurisdiction, be aware of the rules in your area. In certain areas, tenants have the right to express refusal when there is an offer he doesn’t like.
Trying to sell it to the tenant
When you have a tenant, your first inclination would be to try to sell to that tenant. If they are not prepared to buy your home, then you can start looking for other options. If the tenant doesn’t want the home then plan to show the home according to his convenience. If you have difficult tenants, then wait until they move out, or the lease runs out.
The way you deliver the message is important
The tenant-owner relationship has to be on good terms, no misunderstandings, no harsh words. Deliver the message in such a manner that the tenant understands your situation and would probably help out.
Most good tenants would be ready to move houses when they hear their landlord needs to sell. And understanding tenants will keep the house intact. Disgruntled tenants would probably destroy the wall paint or the furniture and cabinets before they move out. You will probably have to do certain cosmetic fixes when you finally sell the property.