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I have a condo investment property currently inhabited by my tenants. Their lease doesn't end until August 31 of this year. I haven't informed them yet that I don't intend to renew their lease (I still have a few weeks to meet the '90 days notice' clause). I want to sell the property this year ASAP after they move out. If they could move out sooner, that'd be great so I could try to sell in the 'hot' summer months instead of in the fall. They've been there for a few years and have a pet. Once they move out, I'll probably need to hire people to paint the place, replace carpet, upgrade the fridge, etc. to get it buyer-ready.
So, considering I have tenants who won't be out until Aug. 31 and some repairs will need to be made after that, what's the timing as far as when I should speak with a realtor?
It's May now; will they be OK with the fact that nothing can be done until September/October?
Can they begin work before then even though tenants are still in the property through Aug. 31 and what kind of work?
How often do buyers buy a place that still has tenants in it?
What are my chances of getting the property sold during the summer months with tenants still living in the property?
How do I go about hinting the tenants can move out sooner if they want?
How fast do you think I can get the place buyer-ready after the tenants move out (assuming the place is in good shape and all I have to do is the aforementioned repairs)?
Is there a certain type of realtor I should work with to handle this type of situation?
If the tenants indicate they'd like to remain in the property and be the ones to buy it, how does that affect the realtor's work and what I pay the realtor?
First of all, I would suggest that you inform your tenants ASAP that you intend to sell the condo and ask them if they'd be interested in buying it. What you do next would depend upon their answer. If they're not in a position to buy it, you could offer them an incentive to leave early.
90 days notice? Geez, that's a long time. I couldn't imagine being bound to that.
I don't know where the OP lives, but it is required in Portland, OR. The rest of the state is 60-day notice if they have lived there for a year. Our rental market is so tight that people can't find other housing with 30-day notice.
First of all, I would suggest that you inform your tenants ASAP that you intend to sell the condo and ask them if they'd be interested in buying it. What you do next would depend upon their answer. If they're not in a position to buy it, you could offer them an incentive to leave early.
This is a very good suggestion. Hopefully it works out for you. In N.D. 30 days notice is standard.
The 90-day notice came in the standard contract supplied by the property management company I hired.
You can offer to break the lease with no penalty if they find a place sooner. Possibly even sweeten the pot with a couple grand in cash if they vacate early - you might get that back and more by selling in peak season vs late season.
In my area, every landlord that sells a place with tenants still in it leaves money on the table.
If you've got a painting crew, a carpet Dude & a cleaning crew on notice, you ought to be back on the market within a week of the tenants leaving. No need to begin working until they leave - it's a hassle for the contractor and the tenant.
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