Selling a House with Tenants in Staten Island, NY:
Selling a house with tenants in Staten Island, NY, is not easy. Even though some investors seek turnkey properties, it can be challenging. Often, realtors list tenant-occupied properties with the stipulation of “drive-by only” and no scheduled appointments. This usually happens because tenants don’t want to move out or facilitate the sale process, leading to a scenario where buyers must make offers without seeing the property.
The Investor Perspective
For investors looking for turnkey properties, this situation can be acceptable if the tenants have a good payment history. However, for end-user buyers, this is far from ideal. The current market has low inventory, and many buyers looking for homes end up considering tenant-occupied properties. These buyers usually request that the property be vacant at closing, which can complicate matters if tenants are uncooperative.
Working with Tenants
In my recent experience, I had the pleasure of working with cooperative tenants who understood the situation. While showings were limited and needed to be scheduled at the tenants’ convenience, their cooperation made the sale process smoother. After 30 days on the market, we had a good number of showings and received three offers simultaneously.
Two offers had contingencies involving the sale of the buyer’s current home, which could lead to complications if the tenants couldn’t find a new place in time. However, one offer came from first-time homebuyers with a tight budget and good credit. My clients felt this was the best choice because these buyers had been struggling to find a home due to the competitive market and were willing to wait for the tenants to move out.
Navigating Offers and Inspections
When selling a house with tenants, it’s crucial to be open to both investors and end-user buyers to get the best possible price and terms. Hiring a realtor who understands how to handle tenant-occupied properties is essential. The realtor needs to manage the relationship with both the seller and the tenants, ensuring that showings and inspections can occur smoothly.
Once we accepted an offer, I spent over an hour with the tenants explaining the next steps, including the home inspection. Initially, the tenants were hesitant about scheduling showings, but they eventually allowed the inspection, which was a positive step.
The Importance of a Proactive Realtor
As a listing agent, my role involves ensuring access for inspections, appraisals, and other necessary appointments. I must keep the tenants informed and motivated to find a new place to live, ensuring the sale process is smooth. My presence during the home inspection is crucial to address any issues that might arise and to protect my client’s interests.
Conclusion
Selling a house with tenants is a complex process that requires patience, communication, and experience. If you own a property with tenants and are looking to sell, it’s vital to work with a realtor who has experience in handling such sales. This ensures you get the best price and terms while managing the delicate relationship with your tenants.
If you’re considering selling your house for cash quickly, I recommend exploring multiple offers with no obligation. Feel free to reach out for more information or if you have any questions about selling a tenant-occupied property.
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