Today’s video and blog come to you on a beautiful spring day from the Tiburon oceanfront.
We’re talking about selling your property, and whether you can sell a home with a tenant occupying it. There are a couple schools of thought surrounding this, and we want to share some pros and some cons to doing this.
The best case scenario for selling a property with a tenant in place is when you sell to an investor who wants to buy with a tenant in place. This is good for your buyer because rental income is guaranteed as soon as the closing is done. You can also sell your home to someone who wants to purchase now, but can’t move in until later. Under these circumstances, you can sell the property without losing rental money. These scenarios are also advantageous to any potential buyers.
One of the major drawbacks to selling a tenant-occupied property is that you may have to sell for less money. Most agents would advise an owner to make sure a tenant is out of the home before selling. This makes it easier to showcase the property for sale, and it also gives you flexibility to show the home whenever you need to. A vacant property helps with your ROI. When your tenant is in the property, there are showing restrictions that depend on your tenant’s schedule, and you aren’t in control of the condition of the property.
These are some things to think about if you’re considering the sale of your property while your tenant is still living there. If you have any questions about property management or real estate in Marin County or the San Francisco Bay area, please contact us at Foundation Homes International.