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Best practices for selling a home with a tenant

Posted on Tuesday, January 24, 2012 at 10:28:44 AM

A landlord looking to sell his property may find himself in an uncomfortable situation if his property is currently occupied by a tenant. However, if the relationship between the tenant and landlord is cordial, the landlord may find a variety of methods to make the transition more agreeable for both.

Many quality landlords have spent years figuring out the residential financing game on their end as well as their tenants. There's no need for that positive relationship to go up in flames if both parties are agreeable.

Here are a few tips to consider when conversing with a tenant about the property going on the market.

1. Sit down and calmly explain the situation. Assure tenants that they will be properly notified with a set number of days of the homes sale in order for them to have time to get their affairs in order.

2. Offer a discount. Provide tenants with a set discount on their monthly rents, such as 10 percent, in exchange for them to maintain their apartment in a clean and tidy manner that best showcases its features.

3. Prevent scheduling conflict. Make a verbal contract and stick with it that tenants will have a set number of hours or days before visits to the property occur, so they may properly prepare.ADNFCR-16001052-ID-800691008-ADNFCR