Can I sell my rental property with tenants in it?
Short answer – yes. Selling rental property with tenants in Colorado Springs is quite common and many landlords are faced with the decision to sell whether they like it or not. It can be a confusing procedure as your decision to sell affects one (or more) people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. Dealing with tax implications, or evictions, can be very stressful for a landlord. In this article, we’ll also look at tenants’ rights when selling rental property with tenants in Colorado Springs and how can a landlord show a house while occupied. So here’s how to sell a rental property with tenants in it.
Selling rental property with tenants in Colorado Springs
I understand that not many can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in Colorado Springs is definitely possible – however, a clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:
- Wait until the lease runs out.
- Sell with an active lease
This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.
- Cash-for-keys method
You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.
- Sell to the tenant
In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested.
- Send an early termination notice
Depending on the state, these notices need to be sent out a month or two months in advance to give your tenant enough time to find a new home. If your tenant violated any parts of the rental contract, you can terminate their lease instantly.
House viewings while renting out the house
Can a landlord show a house while occupied?
Here’s how to handle house viewings while your tenants still live in the property:
- Communicate all dates and times with the tenant
- You must get consent at least 24 hours in advance
- All communication must be done in writing
- You must not take photographs of the property and personal belongings without the tenant’s consent
Please note that your tenant is legally allowed to refuse viewings or visits for an agent if they do not agree with the times of the viewing. To avoid legal issues, you must respect their decisions and act accordingly. A tenant has as many, if not more, rights as the landlord when it comes to selling rental property with tenants in Colorado Springs.
Tenant’s rights when selling rental property
Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a legal landlord, you should always be clear of all tenant’s rights when selling rental property with tenants in Colorado Springs.
- andlord.html” target=”_blank” rel=”nofollow noopener noreferrer”>60-day notice is required to be given to the tenant once the landlord decides to sell the property.
- 14-day notice is required to be given to the tenant before a first viewing is scheduled.
- The tenant needs to be aware of all dates and times of viewings.
Unless the tenant gives their consent,
- You must not enter the property before 8am or after 8pm.
- Schedule an appointment on a Sunday or holiday.
- You are not allowed to take photos of the tenant’s personal property.
- You must not put up the ‘for sale’ sign.
- You must not hold an auction on the site.
What happens if a tenant is uncooperative?
If the tenant refuses house viewings, you must arrange a time that’s best suitable for them. If they are refusing to communicate, you can apply to the court.
If a tenant refuses to leave the premises, see the cash-to-keys method I mentioned earlier or try the eviction process. Your other option is to evict the tenant.
So how do you evict a tenant?
- Give notice.
You are legally obliged to give notice to your tenant.
- Possession order
If the tenant doesn’t move out on the time of your notice you are allowed to seek possession order at the court.
- Get professional notice servers
When giving an eviction notice, bring a witness with you.
- Take it to court
Consider taking it to court if everything else fails.
MY TIP: Communication is key. Make sure your tenant receives everything in writing and don’t promise what you can’t deliver. As much as you’d like to sell your house fast, make sure your tenant is happy and agrees to the decision. Selling rental property with tenants in Colorado Springs can become a headache if not done properly.
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If you need to sell your Colorado Springs area house fast and would like to get a no-obligation cash offer, call us now at 719-629-7740. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.