Home Buying in Staten Island>Question Details

billyboy33, Home Seller in Staten Island, NY

When selling should tenant to move before the home is listed or sold, or stay for new owner to decide? How does it affect value of sale price?

Asked by billyboy33, Staten Island, NY Mon Sep 9, 2013

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Jeannette Batsikas’ answer
If the house is a 2 family, more then likely the new sellers will likely want the apartment to renovate and may come in with there family. If it's a 3 family and you live on the main or second floor there could be a chance the owners may ask you to leave if you live on the 3rd floor and pay good rent then you should have no problems. Living with a new owner is like looking for a new landlord the experience is the same... Does the apartment need renovation? Are you paying fair market value rent? Are you on the main floor or the second floor or living in the basement? If you live in a 6 family or more the new owners have no right to ever ask you to leave whether you were paying fair market value rent or not. But, honestly if the house is a two family then more then likely the new owners may want the house to renovate. Again this is not fact but an opinion... wish you the best! Jeannette Batsikas
0 votes Thank Flag Link Mon Sep 9, 2013
That all depends on whether the tenant has a lease, is a good tenant, does not cause problems when the house is listed, etc. If the tenant is good, a buyer may be more likely to keep the tenant making the house easier to sell. A good buyer will appreciate not having to look for a tenant when they take ownership.

The house is priced according to the market
0 votes Thank Flag Link Mon Sep 9, 2013
Is there a lease ..will the tenant be cooperative....
0 votes Thank Flag Link Mon Sep 9, 2013
That is up to the tenant. Sometimes tenants will want to leave as soon as a home goes on the market . Oher times they will wait and see if the person buying is going to have family living there. Sometimes new owners might want to raise the rent.. It is always nice to show with the tenant gone then you can fix it up and the potential buyer will know there will not be any problem getting the tenant out if they don't want them
0 votes Thank Flag Link Mon Sep 9, 2013
There is no easy answer here,but from my experience the transaction is a lot simpler with a vacant apartment.
0 votes Thank Flag Link Mon Sep 9, 2013
From the seller's perspective, this can be a thorny issue. Most want the tenant to stay until the property is sold so that they can have the income. However, once tenants are aware that the home is on the market they often choose to move out, depriving the seller of income. Other tenants can make showing the home difficult. Remember, there is nothing in it for the tenant. I've even had them follow me around pointing out what is wrong with the house to potential buyers.
0 votes Thank Flag Link Mon Sep 9, 2013
Much will depend on the type of property, has the tenant's lease expired, will the tenant be cooperative with showings, etc.; generally single family owner occupied homes fare better without tenants...
0 votes Thank Flag Link Mon Sep 9, 2013
If there is a lease, the lease will supersede the sale and stay in tact.

I don't know if you are a buyer or seller; this information is important. A lease property will appeal to an investor; a vacant home (or with owner residing) will appeal to an end user.
0 votes Thank Flag Link Mon Sep 9, 2013
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