Central Coast Real Estate: 3 Tips to Selling a Home with Tenants
Pismo Beach Coastline
1) Review your lease. Make sure you know when the lease will end, and when the tenants will begin a month to month tenancy. These are important facts to relay when selling a home with tenants. Investor buyers willl want to know, and other buyer will want to know when the tenants can vacate the property. Also, make sure you know how much notice the tenants are entitled to for showings – a well written lease will include a provision about notice.
2)Communicate. Don’t send your REALTOR® over to tell the tenants that the home is being sold. If they regularly deal with you or a property manager, they should be the first person’s to tell the tenant that the home is going on the market. This first impression can go a long way during the process. You don’t have to tell them why you are selling though, as this information might be casually relayed to buyers if the tenants are present for showings.
3)Offer an incentive. A small incentive can go a long way. Don’t just tell your tenant you are selling the home. Offer them a discount off the rent in exchange for the inconvenience of cooperating with showing appointments. Showings are inconvenient and the tenant is paying to live in the home, by offering a small discount off the rent you may turn around what could be a negative situation into one that is smooth as silk
Of course, the most important thing is to work with an experienced REALTOR® who will treat the tenant respectfully during the process of selling your central coast home. Selling a home with tenants is more of an art than a science. If you are interested in selling your central coastrental property, please contact my office at (805) 938-9950 and schedule an in person or telephone consultation. If you need a short sale on your home with tenants in it, I can also help guide you through that process. I can be reached at (805) 878-9879.
*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Those considering a selling an investment home or a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a listing agreement — this blog does not offer legal and tax advice. This blog offers general information only which may not apply to your specific situation.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.
