U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-05-2021, 11:25 AM
 
Location: North Idaho
27,279 posts, read 36,701,341 times
Reputation: 58692

Advertisements

Quote:
Originally Posted by Taz22 View Post
.......You should offer to make it worth their while, reduced rent, cash incentive when it sells or pay their moving expenses. ....

Never ever give a tenant reduced rent while the unit is on the market. That gives them a huge disincentive to help with the sale of the house. There are tenants who can easily sabotage a sale and they will do so in order to keep possession of the house while paying reduced rent.



Yes, you can sell with a tenant in place, but it will take longer and perhaps reduce what the house sells for.


Are the tenants on a lease, or are they on a month to month agreement? If they are month to month, you can put it into the listing that you will give the tenants a notice to vacate after the property is in escrow.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-05-2021, 12:31 PM
 
11,489 posts, read 16,323,380 times
Reputation: 17394
Quote:
Originally Posted by littlelou View Post
In the end it turned out well, but I will never rent a house without an addendum to the lease regarding any possible sale,
May already be part of your state's landlord tenant laws. Read some of the post in the rental sub-forum on this and see how many times tenants were being pushed around and abused until they learned what protections the law provided.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2021, 12:50 PM
 
Location: Danbury CT covering all of Fairfield County
2,491 posts, read 6,621,564 times
Reputation: 1253
Wait until the unit is end, clean and paint, replace any worn flooring with inexpensive but decent & sell. Sellers will net for $ and you won't inconveience anyone.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2021, 04:24 PM
 
19,178 posts, read 8,665,619 times
Reputation: 15266
When we sold our house (after having renters for 3 years), our realtor told us we should get the tenant out before we put it on the market. That way, we could get the interior painted, put in new carpeting and fix what needed to be fixed.

We let our insurance company know that the house was going to be vacant. The insurance agent told us that if it stayed vacant more than a month, they wouldn't insure it after that point. We made a back up plan if it didn't sell quickly. Since we lived close by, I figured that I could put a cot in there and sleep there. After getting up in the morning, I would put the cot away and make sure the place looked good.

As it turned out, we sold it during a time when it was a sellers' market. It sold in a matter of a few days. While we were painting the interior, much to our surprise, we had a lot of potential buyers coming in the house with their realtors. One realtor said to us "I thought this house was vacant." I said it was vacant but we are here to paint it. It was an interesting experience having realtors asking questions. Our then 15 year old daughter was with us and they were even asking her questions.

If we had to do it yet again (not likely because we hated being landlords), we wouldn't change a thing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2021, 05:30 PM
 
Location: Dessert
6,376 posts, read 3,151,402 times
Reputation: 16822
I rented a place that was on the market; the owner assured us we'd have 24 hours notice of showings (required by law in that time and place), but the realtor kept wanting to bring somebody by in an hour. It didn't work out well for any of us.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2021, 08:19 PM
 
Location: Olympia area (for now)
2,432 posts, read 1,113,682 times
Reputation: 5571
Quote:
Originally Posted by oregonwoodsmoke View Post
Never ever give a tenant reduced rent while the unit is on the market. That gives them a huge disincentive to help with the sale of the house. There are tenants who can easily sabotage a sale and they will do so in order to keep possession of the house while paying reduced rent.



Yes, you can sell with a tenant in place, but it will take longer and perhaps reduce what the house sells for.


Are the tenants on a lease, or are they on a month to month agreement? If they are month to month, you can put it into the listing that you will give the tenants a notice to vacate after the property is in escrow.
I was just thinking of ways to get them interested, but that’s a good catch, they could end up staying for months. Yes, a moving incentive is much better.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-11-2021, 05:18 AM
 
Location: Illinois USA
643 posts, read 343,240 times
Reputation: 499
this condo is in chicago
here is what i was thinking please give me reality check
make a video of a walkthrough the condo and pictures , and put it on the market and see if any offers come
screen them and those who qualify only then will be given a inperson tour
not use an agent but a attorney to seal the deal [agents so far have said they do not want it rented while on market]
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-11-2021, 05:38 AM
 
90,121 posts, read 87,497,167 times
Reputation: 64933
Quote:
Originally Posted by Dad01 View Post
Has anyone sold a property while it is being rented ?

problem is putting it on the market w/o renter is risky , what if it does not sell then you lose few months of rent for nothing [tried that in past w/o success] plus getting tenent in this condo is not easy the HOA dictates who can qualify as a renter and its not easy

Is there a way to put it on market while being rented out ? thoughts or opinions ?

Thanks
the problem can be getting the tenant out if the buyer wants to live there . very risky deal in that case for the buyer ...

in my opinion selling it empty appeals to more buyers , especially condos , hoa and co-ops which may have future hassles when replacing tenants so you likely will have far more buyers for personal use

Last edited by mathjak107; 07-11-2021 at 05:55 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-11-2021, 07:48 AM
 
Location: Phoenix, AZ
3,930 posts, read 2,087,214 times
Reputation: 10284
Quote:
Originally Posted by Dad01 View Post
this condo is in chicago
here is what i was thinking please give me reality check
make a video of a walkthrough the condo and pictures , and put it on the market and see if any offers come
screen them and those who qualify only then will be given a in person tour
Reality check.

Buyers will look at your video and pics and still want to see it in person before they allow you to "qualify" them. Buyers who want a place to live will balk at a tenant occupied condo. Investors will low ball you.

You allude to an ownership issue with the owner not wanting to lower the price but you haven't answered the question about how you are involved.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-11-2021, 10:05 AM
 
488 posts, read 218,712 times
Reputation: 703
I am curious about this discussion. I think a lot could go wrong with the tenant in the place.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top