In purchasing a home, buyers tend to focus a bit too much on the price of a home and do not consider enough the monthly payment. As a buyer, you must be concerned not about price but instead
Trying To Sell A Home With Tenants Still Living Inside These 3 Tips Will Make Your Life Easier
Are you thinking about selling a home in Greater Palm Springs area that you have rented out for some additional revenue? If so, you're likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In this blog post we'll explore how to sell your home while you're renting it out to tenants and share three tips that can make the process a bit easier.
1. Review Local Laws and Your Tenancy Agreement
Selling a home in Greater Palm Springs area with renters living in it can result in a number of sticky situations. You'll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour. California now requires a landlord to give a 60-day termination of tenancy notice to a tenant who has lived in the property for a year or more. But this statute specifically applies only to month-to-month tenants. Likewise, month-to-month tenants who have lived in a property for less than a year are entitled to a 30-day termination of tenancy notice. The tricky aspect for you is that if you give permission to a tenant to continue in the property even one day after the one-year lease expires, that tenant becomes a month-to-month tenant automatically and would then be entitled to the 60-day notice required by Section 1946.1.
2. Communication is a Vital Part of the Process
Next, you'll need to ensure that you're communicating with your tenants every step of the way. Meet with them to let them know that you would like to place the home on the market, and explain how the sales process is going to work. Allow your tenants to ask questions and to state their case as they may be willing to buy the home from you if they can afford it. Be polite but firm; you don't want to encourage any hostility but this is your property and ultimately, your decision.
Don't forget to fully inform your tenants as to how home showings will work, as they'll likely be concerned as to who is being provided with keys to their home.
3. Incentives Can Sway an Unruly Tenant
Finally, if you're faced with some unruly tenants that are making the sales process challenging you may find that financial incentives to help the process go smoother. You'll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you're hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.
While selling a home with tenants living inside is rarely easy or fun, it's certainly doable. When you're ready to learn more about the home selling process, contact me at 760-333-5070 to ensure you get the most from your sale.
*Our site provides general information only. It is not meant to be used as legal advice for specific legal problems. If you need legal help, contact a legal aid office or a lawyer.
Diana is a 20 year veteran of the Computer Software Industry, specializing in Computer Software sales and service. Her focus is client advocacy, outstanding customer service and going the extra mile ....
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