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"This property is tenant occupied and will not allow any showings until its under contract."
I've never seen or heard of that. They want you to agree to their selling price before viewing. They advertised virtual showing such that the agent would enter the home and walk around and take photos. Not so.
Who is going to make an offer and put up due diligence and earnest money without a showing?
I guess they want a landlord only buyer.
Who isn't allowing the showings-the tenants or the seller?Doesn't make sense at all. I wouldn't touch that property
Don't know but I'd guess it's the seller who may have a lease with the tenants and trying to negotiate a smooth sale to a landlord who won't kick the current tenant. Don't tell anyone but we wanted the showing or the virtual viewing to see what the house has as far as what today's buyers are looking for to justify the price it's listed for.
Don't know but I'd guess it's the seller who may have a lease with the tenants and trying to negotiate a smooth sale to a landlord who won't kick the current tenant. ...
Owners can't just kick the current tenant if the lease isn't up. The lease passes to the new owner. When the lease is up, it probably goes to a 30 day cancellation by either party policy. You should be able to ask what the end date of the lease is. Here, it's quite common for an owner to list the property when they get to 30 or 60 days to the end of the lease.
Don't know but I'd guess it's the seller who may have a lease with the tenants and trying to negotiate a smooth sale to a landlord who won't kick the current tenant. Don't tell anyone but we wanted the showing or the virtual viewing to see what the house has as far as what today's buyers are looking for to justify the price it's listed for.
And with COVID happening, seller is trying to protect the current tenant from lookie-loos walking through who aren't seriously interested in the property.
It is totally normal in my area. You write the contract contingent on viewing the property, generally within 3 days. It is a contingency, then you back out if you don't think it is worth moving forward.
This minimizes disruptions to tenants and they don't disturb them for bad offers.
I can speak with relative experience on this issue. I placed a tenant in a managed rental house last year. Barely 2 months into the lease, the owner decides he wants to sell the house. He sends me a text on WhatsApp, asking me to work with is listing agent to get it done. Contractually, I do not have to do this, since this falls outside of the normal course of my PM agreement, but I decide to play ball a little.
I have a few discussions with the LA about it, just to make sure they understand that the lease agreement does not have a "terminate on sale" clause, so the lease survives a transfer of ownership. I also make sure the LA knows they need to tread carefully with advance notices of showings and work with the tenant on a suitable showing schedule. We have a hot market here, and buyer agents can be really pushy about showings, etc. Anyway, the LA got things in line and there were able to do some showings for a couple of weeks. The LA said they had at least one prospective buyer offering to buy out the tenant's lease, but the tenant didn't go for it. The tenant eventually started clamping down on the available showing windows and ultimately stopped working with them when they began having their own concerns over COVID. Once that happened, I told the LA they simply can't expect to show the house anymore, so they withdrew the sales listing.
The tenant has a right to quiet use and enjoyment of the property, but they are also obligated by state law to allow for showings to prospective buyers with reasonable notice. When a landlord starts trying to sell a tenant occupied property, you've now introduced additional competing interests into the contractual relationship of the lease agreement. It doesn't take long until that quiet use and enjoyment privilege gets whittled away, especially when aggressive sales agents get in the picture. In the end, it is generally a good idea to wait until the house is vacant before trying to sell it.
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