3 Steps to Selling a New Jersey Home with a Tenant
“Help! I want to sell my house but there’s a tenant in it!”
This is a common problem among many landlords who are looking to liquidate their asset and sell of their property. Unfortunately, selling a New Jersey home that currently still has tenants is much easier said than done.
If you’re not careful, making the wrong decision could end up landing you in legal trouble or a big fine if not both.
So, how do you sell a house in New Jersey that still has a tenant in it?
1. Wait for the lease to be over
If you were smart enough to include in an early termination clause in the lease contract that allows you to terminate a tenant earlier, provided that certain conditions are met, then good for you. If not, then it might be in your best interest to wait the lease out.
Once the lease is up, you can tell the tenant that you plan on selling the house and work on a new agreement where they can still rent from month month, but will have to vacate as soon as the property is sold.
This way, they can continue living on your property while you’re showing it to prospective buyers.
2. Minimize any potential issues and arguments
You’re lucky if your tenant is willing to work with you about the impending sale. If not, then that’s a very common reaction.
Try to anticipate any potential reaction that your tenant might have and prepare for it. That way, you can come up with ways to minimize any potential issues and arguments.
3. Work together with your tenants
Getting your tenants on your side and working with them to make showings go smoothly should be your top priority.
Remember, the law can side with your tenants if you’re not careful. Don’t be afraid to offer them with a couple of incentives to make sure that doesn’t happen. For example, you can try reducing their rent until the property is sold, or you can also offer to give them back their security deposit to help them with a future move, or something else.
Also, when you and your tenants are on the same side, it’ll be easier to keep the entire property clean and attractive in the eyes of buyers. Plus, if you have a bad relationship with your tenants, even if you don’t get into legal trouble for what you’re doing, they can put sabotage you and talk negatively to potential buyers, further delaying your sale and making you lose money by drastically lowering the potential value of your property.
As ideal as it is to have no one in your property when putting it up for sale, you’ll want to be considerate as well.
Try putting yourself in their shoes first before thinking that they’re out for you. They’re simply trying to make their living situation stable, and if they’re defensive, it’s only a natural response because you’re taking away their home from them.
Make sure that your renter is happy and comfortable with the sale while an active lease is in place to make sure that the selling process goes smoothly.
If you don’t want to trouble yourself by listing your house and still want to sell it for a fair price and fast, you can try working with a cash buyer.
We buy houses NJ cash and as-is. We can also help deal with potential issues. Not to mention, we’re also open to letting trustworthy tenants continue living in the property, at least, until we decide what to do with it.
Remember, when you’re selling a New Jersey property with a tenant in it, it’s important to keep them in the loop right from the start.
Who knows? Your tenant might even be in the market for a property themselves!