Home Selling in Kennebunk>Question Details

Ggailbo, Home Seller in Kennebunk, ME

I have a house that hasn't sold and I need to rent it. Can I rent with a lease but also keep it for sale?

Asked by Ggailbo, Kennebunk, ME Mon May 23, 2011

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Ggailbo - Absolutely, you can. I have several listings with tenants. It can work.

(1) You will likely need to give a reduced rent to the tenant for the inconvenience.
(2) A written lease spelling out month to month tenancy is important.
(3) The law will require 30 days WRITTEN notice to tenants prior to vacating (closing). The written part is important.
(4) You will need to let the tenant know that the house has to be kept very neat and clean. A messy tenant will make the house difficult if not impossible to sell.

Talk to your listing agent. They can advise you on how to proceed.
0 votes Thank Flag Link Mon May 23, 2011

The other answers interpreted your question as meaning you already have tenants in place. If so, their advice is good. However, often there aren't tenants in place yet. In that case, the answer to your question is "Yes" without the drawbacks they cite.

You might also consider offering it as a lease-option. It can be listed as both for sale and for rent, but in the agent's notes there can be a comment that the seller (or landlord) will consider a lease-option.

Hope that helps.
0 votes Thank Flag Link Mon May 23, 2011
Don Tepper, Real Estate Pro in Burke, VA
Yes you can, but I strongly recommend that you consider the effects on your prospective tenants before you decide to do that.

Most tenants, at least the ones worth having, are going to want stability and at least a one year lease. If you insist on keeping the house for sale, you will probably just attract tenants who are unstable and may trash your house.

Would not have to be that way, but I would certainly recommend a real thorough back ground check in any event.
Web Reference: http://www.JohnHerreid.com
0 votes Thank Flag Link Mon May 23, 2011
Yes you can. But you will have to be specific to the renter about the time line and to the buyer of interest. For instance, you might want to consider renting it for a period of three months and month-to-month thereafter while continuing to market the house for sale.

It is difficult to rent like this. Most people are looking for stability when they rent but at the same time a buyer will want to take over as soon as possible.

Three month rentals are possible but please be up front with the renter that there will also be people entering the home (with 24 hours notice) as interested buyers.

A one year lease will tie your hands in trying to sell the place.

It all depends on the property and your need to cut loses.
0 votes Thank Flag Link Mon May 23, 2011
You certainly can: Explaim to the new tenants what you're trying to do, write the lease with a provision for 1.) showing the house, 2.) Time for them to move, 3.) If the new owners want to keep them. And anything else that may happen. This is tenuous and complicated and you should realize what the posibilities are.
0 votes Thank Flag Link Mon May 23, 2011
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